Former head of the Federal Board of Revenue and respected accountant Syed Shabbar Zaidi has suggested that the government should go for demonetization of the Rs5,000 note from July 2021.
"5000 Rupee Notes. Demonetise from July 1, 2021. Announce two months earlier" said Zaidi in a tweet on Friday.
The former FBR chief said that the government should announce the plan in advance for a smooth "transition" period.
Zaidi believes that the opponents of demonetization have "no idea about abuse" and alleged that vested interests prevent a consideration of its benefits.
The former tax czar believes that the move will improve the economy and ensure that banking prospers.
He also said that by demonetising the denomination, bribery will become difficult.
He also suggested that those hoarding gold in lockers should have to inform the government if bullion is being held and the government should also monitor bullion trading.