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Demonetize Rs5,000 note from July 2021, suggests ex-FBR chairman

07:38 PM | 23 Jan, 2021
Demonetize Rs5,000 note from July 2021, suggests ex-FBR chairman

KARACHI – Former Federal Board of Revenue chairman and renowned accountant Syed Shabbar Zaidi has suggested that the government should demonetize the Rs5,000 note from this year.

Zaidi pitched the idea in a tweet on Friday saying, "5000 Rupee Notes. Demonetise from July 1, 2021. Announce two months earlier".

He said that the government should announce the demonetization plan in two-month advance for a smooth "transition" period.

Highlighting that the move will improve the economy and banking in the country, he said that opponents of demonetization have "no idea about abuse". It claimed that only vested interests prevent officials from considering the benefits of the discontinuation of the Rs5,000 note.

He added that the move will make the bribery difficult.

The former FBR chief said that the bank lockers holders should informs the government if they are keeping gold, adding that authorities should monitor the bullion trading.

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Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 20 May 2024

Pakistani currency rates against US Dollar and other currencies on May 20, 2024 (Monday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.35 for selling.

Euro stands at 297 for buying and 299.5 for selling while British Pound rate is 348.5 for buying, and 352 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 20 May 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 297 299.5
UK Pound Sterling GBP 348.5 352
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 181 183
Bahrain Dinar BHD 747.77 755.77
Canadian Dollar CAD 203 205
China Yuan CNY 38.49 38.89
Danish Krone DKK 40.25 40.65
Hong Kong Dollar HKD 35.96 36.31
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegian Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Baht THB 7.57 7.72

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