It seems that the Indian government is seriously working to end corruption. The Rs500 and Rs1000 notes have been declared to be no longer a legal tender and their circulation has been banned. This massive demonetisation exercise is intended to choke the black money, ensure transparency in financial dealings and discourage evasion of taxes and money laundering. The government of Pakistan should follow the example of the Indian government and at least withdraw the circulation of the Rs5000 note as it facilitates hoarding of black money and illegal transfer of wealth.
Likewise, there is an urgent need to annul the infamous ‘Economic Order Reform Act’ of the 1990s which literally allows a legalised mode of money launder. At the same time, the opening of foreign currency accounts with commercial banks by Pakistani individuals should be discouraged to restrict the transfer of wealth abroad. Further, exchange firms shouldn’t be given a permit to operate as these provide an important conduit for an illegal money transfer. Genuine foreign exchange requirement of Pakistani citizens can be catered through commercial banks. Through the foregoing measures, the country may begin to put an end to corruption.
Kulsoom Arif
Karachi
