Rs5,000 banknote is a major barrier to country\u2019s progress.
\n Islamabad
\nBusiness leader and former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt, said on Sunday that the government has saved the country from complete economic collapse.
\nThe non-political finance minister has demonstrated his value as a national asset. He added that if allowed to serve for a few years, he has the potential to transform Pakistan\u2019s destiny.
\nShahid Rasheed Butt said in a statement issued here today that the authorities should cooperate with the finance minister in every possible way, and no one should be allowed to stand in his way so that he can work with peace of mind.
\nThe business leader stated that Pakistan has never experienced a shortage of rice or corn due to the government\u2019s lack of involvement.
\nHowever, the government consistently intervenes in the wheat and sugarcane crops, leading to recurring crises that will persist until the government ceases its intervention.
\nShahid Rasheed Butt said that if trade with neighbouring country is allowed, then there will be no shortage of vegetables in Pakistan.
\nHe said that the Rs 5,000 banknote is a big obstacle to increasing revenue and reducing corruption.
\nThe high-denomination currency note does not provide benefits to the people; instead, it has fostered corruption and fortified the underground economy. It is also causing harm to the formal economy, weakening the banking and tax systems.
\nHe stated that counterfeiters profit more from the production of large notes, which can cost up to Rs 100 to print a 5000 banknote.
\nAlthough the US economy and per capita income are significantly higher than those of Pakistan, the largest banknote in America is the 100 dollar, which contributes to their economic stability.
\nShahid Rashid Butt added that at present, in Pakistan, the ratio of currency in circulation is one of the highest in the world. Currently, Rs 9.5 trillion is in circulation in Pakistan, which shows the spread of the underground economy and the influence of the people involved in it.
\nHe stated that as long as illegal gold imports continue to exist in the country, many businessmen will continue to use it for transactions.
\nAccording to Mr. Butt, the economy is currently benefiting from the halving of the volume of Afghan transit trade, the reduction of dollar smuggling, the control of exchange companies, the correction of IPPs, the reduction of under- and over-invoicing, and the inclusion of agricultural income in the tax system.<\/p>\n","protected":false},"excerpt":{"rendered":"
Rs5,000 banknote is a major barrier to country\u2019s progress. Islamabad Business leader and former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt, said on Sunday that the government has saved the country from complete economic collapse. The non-political finance minister has demonstrated his value as a national asset. He […]<\/p>\n","protected":false},"author":2,"featured_media":435434,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-437097","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n