Demonetize the 5000, 1000 notes in Pakistan?

[EpiiC]

Well then govt needs to change policies. Even India has taxation issues but few corrective steps have been taken, GST being major one.
I guess and hope in India, things will get better for direct tax payers. We are undergoing positive changes though weak work economy and big population are big risks.

I think Pakistan might be waiting for their population to hit 1.3B before they go digital as well...

I doubt it. IK will take years to solidify his power if he gets it somehow. I think he too will be voter conscious. Unfortunately I do not see anyone in Political scene to have that vision. Maybe as a part of anti terror prog Army might shove it down civ govs throat however that too is very unlikely.

The current establishment in Pak is so corrupt We people abroad have to think of solution and vision to make life better for Pak... while they loot all the money....

I just hope things improve for the salaried class. We have been carrying the tax burden for too long.

Yes development and social uplift will happen when corruption is eliminated. Post 2 has my ideas.

 

[sady]

I think Pakistan might be waiting for their population to hit 1.3B before they go digital as well...


The current establishment in Pak is so corrupt We people abroad have to think of solution and vision to make life better for Pak... while they loot all the money....

Mil est isn't that corrupt as much as they are hands off. They refuse to be buffer between corrupt politicians and people. Mil interventions actually rescue these dimwits for next tenure. Pakistanis will have to get off their bums and do it themselves rather than looking towards Mil Coups.

 

[EpiiC]

Mil est isn't that corrupt as much as they are hands off. They refuse to be buffer between corrupt politicians and people. Mil interventions actually rescue these dimwits for next tenure. Pakistanis will have to get off their bums and do it themselves rather than looking towards Mil Coups.

So is there any hope for corruption to end?

I doubt Pakistan will be top 25 in the world when it comes to government budgets currently we are 52nd postion with $51B budget..... countires 25 times smaller have bigger and better economies than us..... Pakistan is 43rd in economy size with $271B..... we need another $200B added to make it top 25 economies.... In regards to Electricity Pakistan is 35th....... This is the one where it is likely that Pakistan can break into top 25 by 2025..... But those mega dams and nuclear power plants including many other projects must be built and completed..... Pakistan Tax percentage to GDP is awful as well.... currently at 12.4% this needs be at 25% by 2025..... Majority of population needs to have a bank account.... currently only 16% of the population uses bank account which is awful.... 60% percent of the population needs to have bank account.

 

[Qutb-ud-din Aybak]

i would never want to kill my family members while standing in the line.

A country is obliged to fall when the leaders stop caring about the life of every single person. and a country falls in civil wars when the leaders call the deaths of innocent people a sacrifice for greater good.
'If a dog dies hungry on the banks of the River Euphrates, Umar will be responsible for dereliction of duty.' -Hazrat Umar Farooq (R.A)

 

[EpiiC]

i would never want to kill my family members while standing in the line.

A country is obliged to fall when the leaders stop caring about the life of every single person. and a country falls in civil wars when the leaders call the deaths of innocent people a sacrifice for greater good.
'If a dog dies hungry on the banks of the River Euphrates, Umar will be responsible for dereliction of duty.' -Hazrat Umar Farooq (R.A)

What is this suppose to mean? Don't you want major steps to be taken to eliminate corruption?

 

[AshishDelhi]

i would never want to kill my family members while standing in the line.

A country is obliged to fall when the leaders stop caring about the life of every single person. and a country falls in civil wars when the leaders call the deaths of innocent people a sacrifice for greater good.
'If a dog dies hungry on the banks of the River Euphrates, Umar will be responsible for dereliction of duty.' -Hazrat Umar Farooq (R.A)

You don't even need such drastic steps. You have CPEC. Game changer. It will boost Pakistani economy by 3%. Even more if army takes over and do away with corrupt politicians.

 

[EpiiC]

You don't even need such drastic steps. You have CPEC. Game changer. It will boost Pakistani economy by 3%. Even more if army takes over and do away with corrupt politicians.

Pak needs this step and CPEC... we can't compromise on any steps now... Our leaders have no vision.

 

[my2cents]

Pakistan has been regularly changing the currency notes after every few years so I hardly foresee any real change with that step. If I am not wrong Pakistan has already swapped 500 and 1000 tenders at least twice since past 15 years?

Rich people in Pakistan usually hides their black money in Dollars, Pounds and Euros since the value of Pakistani currency have dropped each year

Although I do like the idea of digitalisation and encouraging people to open bank accounts but poor people don't have enough money for savings, that is why we call them poor and middle class already have bank accounts although they don't fully utilise it. The rich class usually have money in foreign currency so it will not effect them too much with demonitization of local currency

Most importantly all the fake currency will be flushed out from your circulation.
Terrorism will stop momentarily because of demonetization.
Kidnappings for ransom will stop.
You will see big spike in donation boxes and charities.
Tax compliance will increase.
Banks will be flush with funds and could be used for infrastructure projects.

It will also have some negative effects.

People will move their wealth into gold and dollars.
Real estate will see sharp declines in value.
Gold and other assets like bearer bonds will fetch higher premium.
Economic activity will come to stand still for some time until new currency is exchanged.

 

[Qutb-ud-din Aybak]

What is this suppose to mean? Don't you want major steps to be taken to eliminate corruption?

i believe in different way.
Death penality for anyone caught doing corruption.Anyone volunteerily submitting money should be given small punishments.
few deaths will make corruption disappear in days.
other steps may include. doing audits of all projects since 1970s when corruption was started in Pakistan,checking bank accounts and properties of all people holding offices.
tax records should be strictly maintained along with forcing everyone to declare his/her business. not compiling may result in death by drowning.

You don't even need such drastic steps. You have CPEC. Game changer. It will boost Pakistani economy by 3%. Even more if army takes over and do away with corrupt politicians.

we want to increase it to 20%. so we will have to take certain steps.

 

[Zibago]

Situation is dire... and currently tax to GDP is 12.4%..... needs to be 25% soon and stabilize around 33%

You dont achieve that by taxing savings of people and over taxing everyday commodities

 

[T-72]

Most of your nation has welcomed this beautiful move. Honestly Pakistan needed to do this more than Indian... as Pak have 0.5% tax payers and India has 2.5%.... so PAK more in need of this move to go digital and demonetize.

It's a highly annoying thing that has happened, my daily life is inconvenienced, I don't give a damn about this collectivist greater good bs. Possibly the only thing I loathe more than communism itself is the the mindset that comes with being a "greater good" commie.

rant over, I have no problem with stamping out corruption or stop terror funding, just don't do it at my expense. All I want is for life to get back to normal here.

 

[AshishDelhi]

Pak needs this step and CPEC... we can't compromise on any steps now... Our leaders have no vision.

Honestly, CPEC might not be such a game changer. It will be good but Pakistani have too high expectations from it. It would have worked if India had joined but India wouldn't and even you will not like it to happen though Chinese would have preferred. If Pakistan actually has lots of minerals etc then it will be in a good position to utilize CPEC and gwadar else it would be more beneficial to China and somewhat to Pakistan.
Pakistan has potential but seems Pakistani don't want to work hard.
What we hear is CPEC, military, China, ummah etc. Pakistan has everything to become fast paced developing country but people are lazy and a low intensity war with bigger neighbour not helping.

 

[EpiiC]

You dont achieve that by taxing savings of people and over taxing everyday commodities

We will tax those whos deposits don't match income tax statements.

Honestly, CPEC might not be such a game changer. It will be good but Pakistani have too high expectations from it. It would have worked if India had joined but India wouldn't and even you will not like it to happen though Chinese would have preferred. If Pakistan actually has lots of minerals etc then it will be in a good position to utilize CPEC and gwadar else it would be more beneficial to China and somewhat to Pakistan.
Pakistan has potential but seems Pakistani don't want to work hard.
What we hear is CPEC, military, China, ummah etc. Pakistan has everything to become fast paced developing country but people are lazy and a low intensity war with bigger neighbour not helping.

Pak have 0.5% ppl paying taxes..... Leaders haven't taken any steps to eliminate the corruption and I don't think I will see the nation prospering in my lifetime...

 

[liall]

What % of total transactions is done with cash in Pakistan? In India it was around 90% before demonetization which was very shameful compared to countries like Canada where it is less than 10%. We will see how much improvement is made in a couple of months.

 

[EpiiC]

What % of total transactions is done with cash in Pakistan? In India it was around 90% before demonetization which was very shameful compared to countries like Canada where it is less than 10%. We will see how much improvement is made in a couple of months.

Pakistan might be more shameful than India.. just barely 16% of the population have bank accounts.