Malik Riaz on demonetisation: While PM Narendra Modi’s demonetisation policy is fetching wrath of the oppositions, the neighbouring country finds value in this radical decision implemented in Indian economy. Malik Riaz, the leading Pakistani real estate baron is all praise for PM Narendra Modi’s demonetisation move.
The Pakistani philanthropist and one of the richest businessmen in the country is so inspired by Indian Prime Minister’s demonetisation decision, that he also suggests PM Nawaz Sharif to follow the same footsteps and ban high denomination notes of Rs 500, 1000 and 5000 Pakistani rupees.
Remarks by Real estate tycoon Malik Riaz on demonetisation
“This (demonetisation of high denomination currency) is a billion dollar idea. We can end corruption from the country by adopting this…I had suggested solution of both the problems (to PM Nawaz Sharif.) That was to ban currency note of 5000, 1000 and 500 from the country. End price bonds, announce amnesty in the country for 50-60 days. Billions of dollars would come. Even announce the amnesty for overseas Pakistani citizens.”
-Malik Riaz in an interview
He added that if India has collected a sum of Rs 228 billion dollars ever since the coming of demonetisation, at least 10 to 15 billion dollars can be recovered in Pakistan as well in case demonetisation is imposed in the economy.
Malik said in an interview that even if the black money is converted to white for now and the entire black money figures do not come forth, still the next time the tax return will have to be filed by the individual as the transactions will follow the lawful procedure, thus, demonetisation would be a success.
Meanwhile, in India, the opposition and the hassled masses do not hail Modi’s move. While questions are being posed about the successful implementation of demonetisation, Modi government is also facing the wrath of the opponents for the lack of planning and inadequate arrangements done prior the implementation of this huge move.