My Idea to make Pakistan one of the richest countries.

[Mr ambassador]

Im sorry you are being very naive in your analysis.

'Less printing and less usage' is not the benefit of a currency. The backbone of an economy is constant trade, currency should be freely tradeable. No one will want to buy a currency that is so unusable.

Also, what will the govt buy more gold with? You won't suddenly be richer by going digital.

Look at it this way, if any country in the world can do digitisation it's the USA, but they choose not to because it will make the USD unattractive. There is a reason why corrupt billionaires buys dollars.

If the Pak rupee becomes digital every rich Pakistani will dump it and do all big trades in USD.

Digital economy will be a combination of macro and micro economy . it will increase purchasing power of people . So trade and export will increase .

its totally illogical that Pakistani citizens will use other currency or dollar for trade in local market.

Sir you can reread article and understand it how digital economy will work for the betterment of people

 

[EasyNow]

Digital economy will be a combination of macro and micro economy . it will increase purchasing power of people . So trade and export will increase .

its totally illogical that Pakistani citizens will use other currency or dollar for trade in local market.

Sir you can reread article and understand it how digital economy will work for the betterment of people

Tbh I don't want to argue with you because you have made the effort to think of solutions - which you should be commended for - but I keep my reservations on digitisation.

 

[jupiter2007]

View attachment 497706
Its my dream to see Pakistan in G8 club .Pakistan is a poor country with rich citizens who are invisible in tax net. Riches become richer while poors become poorer due to unequal distribution of wealth. Unfortunately the state cant get tax from people due to increasing poverty .

I did a brain stroming how to fit Islamic economic system in modern economy and following ideas came in my mind. The state can alleviate poverty and can create more jobs.




Step 1: Digitization of economy for equal distribution of wealth and ToT (taxation on transaction via universal credit card)

First the state bank will have to introduce a universal credit card applicable for all bank accounts . A person will have to use one credit card for different bank accounts. Apart from this , FBR should issue credit card to every citizen as NADRA give ID card citizens to digitize currency transaction. Citizens will have to use credit card not currency for shopping, ticketing , fuelling, utilities etc. Besides it, allot taxation number with currency transaction machines to each shop, markets, restaurants etc. Collect annual tax from them based on transaction records monitored 7/24 in FBR online. This taxation is based on how much someone’s business is booming i.e 2.5% zakat on business community . one can imagine how much we can collect tax from business community and shopkeepers. There are billions of shops and can be taxed easily. Moreover the government will fix and change price of commodities online system.

It will be easier for the government to keep an eye on the pockets of 210 million citizens who has how much wealth and what is purchasing from which shop and can be taxed any time. Even the government can transfer balance from one person to another person .i.e take out zakat from rich

Digitization of economy will keep control demand and supply of currency in market . The state bank will print less currency due to electronic transaction.

Side advantages: control of illegal pricing

Direct taxation.

Easily can deduct utility bills .

Dollar will be less valuable in the market due to less importance paper currency.

Control on corruption as no one be able to hide illegal wealth due to one credit card for all bank accounts and transaction for shopping . Everything will be monitored if any government employee purchases cigarette pocket to palace .

2nd step

Citizen to Citizen loan for job creation :

Due to lack of funds , the government cant afford to give too much loans to alleviate poverty and create jobs. On other side many rich people keep their extra wealth in banks useless .I have an idea to use their money in the interest of state and citizens .Rich people can double their wealth by spending on people .

If government adopts the policy ‘’The more you give interest based loan on profit ,the higher discount rate will be given on every commodity by the state’’


Explanation : if any person gives loan of 50lac or more then it to another citizen ,the state will give special privileges to them by issuing special credit cards through which they will be less taxed and discounted on every transaction until they get their money back.


A-credit card -----5% discount rate to 50lacs creditors on every transaction

B credit card------- 8% discount rate to 1 curor creditors on every transaction

C credit card----------12% discount rate to 1.5 curor creditors on every transaction

D credit card ------continue this formula

E credit card ------continue this formula

The government will be a guarantor and negotiator between the two parties and make terms and conditions how and whom to loan at what rate. Moreover , government will set rules for debtors how and where to spend loan given by another citizen.

Note :if this rule is applied throughout the world . People will take out their wealth from banks and purchase real assets .i.e gold ,property to avoid from wealth screening and taxation . it will be too difficult to keep currency in billions in homes .Rothschild’s dollar will be toilet paper in market.

3rd step :Government to citizens business:

Federal government provides development funds to local governments . Instead of spending on infrastructure , local governments i.e mayors should do business with citizens to create more jobs and generate revenue . we have less fund and should find avenues to invest at small scale without foreign aid .

Following small projects to generate revenue at district level and create jobs

a) Build small IT centres and software houses

b) Build small rice and wheat factories

c) Build cold storage for food and fruits

d) Work on urbanization projects ( build house, apartments or shopping malls to sell it or lease it

e) Build recycling plants.

f) Fashion designing & tailoring centres for women.

In our rural areas , women don’t do jobs and are ignored due to social tabos. The local government should make small fashion designing and tailoring centers .It will increase our export in garments and textile industry.


Districts get enough funds to work on such small scale business . Besides this ,FBR will monitor and collect taxes.


4th step: computerize land records for land tax i.e ushr and kharaj :

I will suggest to computerize every inch of Pakistan and link it with NADRA. Impose annual property tax on luxurious residential , commercial, irrigated & non-irrigated areas according to their price value. Morereover , it will be easier to bring property dealers in tax net who earns in millions .

Hope any respected member will forward my noble prize winning idea to PTI finance team. May be they will find something good. May Allah make Pakistan a prosperous country

We are in 2018 not year 2078.
There are much easier ways to achieve that.

 

[Mr ambassador]

We are in 2018 not year 2078.
There are much easier ways to achieve that.

Respected brother

its much easier to collect direct tax in this way than to accepting IMF terms and conditions for indirect tax.

we have to stand on our feet instead of getting stick from world bank and IMF .

The IMF and world bank have trapped Pakistan miserably and inflation ,poverty and unemployment will grow continue unless we introduce our Islamic economic system.

 

[jupiter2007]

Respected brother

its much easier to collect direct tax in this way than to accepting IMF terms and conditions for indirect tax.

we have to stand on our feet instead of getting stick from world bank and IMF .

The IMF and world bank have trapped Pakistan miserably and inflation ,poverty and unemployment will grow continue unless we introduce our Islamic economic system.

Fundamental problem is not IMF or any bank, it’s the corruption which is going to bankrupt Pakistan. It’s because system is corrupt and it runs by corrupt mafia. To fix this you will n
1) strong Anti corruption policy.
2) plug all the holes to prevent corruption and money laundering.
3) fix the banking system.
4) digitalization Government [technology will reduce ghost employees and government overhead (I have already mentioned this in other threads)]
5) fix the FBR and increase TAXnet.
6) empowering local government by giving development funds directly to local government (districts and cities).

 

[shah_123]

Respected brother

its much easier to collect direct tax in this way than to accepting IMF terms and conditions for indirect tax.

we have to stand on our feet instead of getting stick from world bank and IMF .

The IMF and world bank have trapped Pakistan miserably and inflation ,poverty and unemployment will grow continue unless we introduce our Islamic economic system.

Islamic economic system is an alien concept amongst our ruling elite ---- They will beg IMF, with humiliating conditions, for loans but will never try Islamic economic system.