Dear Editor,
Recently, I saw a letter by Mr M Azeez (‘We need $5,000 and $10,000 banknotes’ SN, April 2) suggesting that we have banknote denominations of $5,000 and $10,000 to cater for the large amount of $1000 bills in circulation which have to be counted and transported.
The gentleman is right; that is one way to go. Indeed the Ministry of Finance and Bank of Guyana must address the issue, and at the same time propel Guyana into operating as a cashless society.
More and more, we should depend less on cash. I am about to establish a new business, and plan to make it entirely cashless. People will have to pay by plastic or bank draft, or we do no business.
I believe someone has to have a pioneering spirit, and I will do it first, and make the official pronouncement of this when we launch the new business in about two months’ time. I will seek the assistance of the GRA if they will help.
One reason why people like cash is because it gives a feeling of power, and because some may wish to hide dollars from the GRA by leaving no paper trails. Minimising the use of cash will also address a serious security concern. Bandits just cannot rob any entity which does not have cash.
Yours faithfully,
Roshan Khan
