Syed Muhammad Shabbar Zaidi, a renowned Chartered Accountant and former Chairman of Federal Board of Revenue (FBR), says a complete elimination of the bank cheque transaction system is not possible, and it will remain in the Pakistani market for a long time.
The deadline under Tax Laws (Third Amendment) Ordinance 2021 expired on Tuesday night. He said the matter should be decided by the Federal Reserve and the State Bank of Pakistan.
According to Zaidi, the fundamental question is whether the bank cheque system needs to be eliminated from Pakistani markets, and if so, how.
In response to a question about how the market would operate without post-dated bank cheques, he said it is not possible to end the cheque system; however, we need to digitalize them somehow.
He said he had already suggested to Shaukat Tarin that the cheque system be digitalized. Personally, he does not agree with the idea of ending the bank cheque system for good.
Originally Published In Business Recorder