Former Chairman Federal Board of Revenue (FBR), Shabbar Zaidi, has questioned the use of Rs. 5000 banknote.
Taking to Twitter, Shabbar Zaidi termed the rationale for the use of Rs. 5000 notes in Pakistan as unjustifiable.
He also compared the maximum denomination of currency note of Pakistan with that of India and Bangladesh.
According to the former tax chief, the maximum denomination of currency notes in India and Bangladesh is INR 1000 and BDT 1000 respectively.
@5000 Note. My primary question? Why we have Rs 5000? The original issue unjustified. See the attached relationship with GDP. Maximum denomination in India is Rs 1000. Why no Rs.5000. Bangladesh 1000. Totally unjustified. pic.twitter.com/ACvpoh3EL8
— SyedShabbarZaidi (@SShabbarZaidi) February 1, 2021
He said that using smaller currency units is more transparent and allows easy documentation of transactions.
Last month, Shabbar Zaidi had suggested the government to demonetize the Rs. 5000 Bank note from July 2021.