Steps suggested to improve documentation of economy

FPCCI

Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday suggested steps to improve documentation of the economy.

Documentation of the economy is only possible when all the stakeholders agree to it which is not possible in the current set of rules and regulations, he said.

Mian Zahid Hussain said that despite harsh measures adopted over the last seven years the money out of the banking system has more than doubled indicating that masses and the business community is willing to spend on keeping and transporting money and face associated risk but not ready to trust legal channels.

Talking to the business community, the veteran business leader said that the government has increased cost of doing business for the undocumented sector but to no avail therefore new methods should be applied.

He said that the government should handle the prize bonds worth Rs25000 and exactly the way it pushed prize bonds worth Rs40000 out of the market. Similarly, the currency notes of Rs5000 should be gradually pushed out of the market.