–The Overseas Investors Chamber of Commerce (OICCI) has called for a ban on Rs5,000 banknotes to prevent currency circulation…
–OICCI has also suggested making the national tax number (NTN) mandatory for bank accounts, sale and purchase of the cars, sale of expensive properties, those undertaking foreign travels or acquiring memberships in different clubs…
–It has also suggested setting up a Federal Board of Revenue (FBR) wing for investigation of assets and sources of income that do not fall in line with the requirements of non-filers, and abolition of exemption given to the pensioners…
–Earlier in September 2023, former FBR chief Shabbar Zaidi insisted that the discontinuation of Rs5,000 notes and curbs on the physical movement of dollars was key to curbing the cash economy in the country.
–Zaidi was of the view that currency circulation was very high in Pakistan and the Rs5,000 note provides convenience in the cash economy, adding that people have kept wealth in their lockers in dollars and Rs5,000 notes, which should be banned…
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