US 100 dollars currency notes
in

FBR to Go After 24,000 People Who Bought Dollars in Bulk

The Federal Board of Revenue (FBR) has gathered the data of 24,000 Pakistanis who had bought and hoarded dollars during the FY 2017-2018. 9,880 of these citizens are based in Lahore.

As per FBR, the department is looking into their tax records and will call them for clarification. The FBR has shared their details with the Regional Tax Office for further investigation.

Almost all of the 24,000 individuals withdrew money from bank accounts to evade withholding taxes and invested it in dollars, euros, pounds, and gold. FBR also intends to seek the source of income of these individuals to ascertain what enabled them to buy and hoard dollars in such large sums.

Last year, Prime Minister Imran Khan ordered to launch a crackdown on hoarders after reports emerged that citizens are allegedly hoarding dollars only to cash them later at a higher exchange rate. Since then, State Bank of Pakistan (SBP) and the finance ministry are collaborating to curb currency hoarding.

FBR has also collected details of numerous exchange companies involved in Hawala and Hundi business and creating an artificial shortage of dollars. FBR sources claim that the artificial shortage of dollars exacerbated the depreciation of Pakistani Rupee.

Via: Express Tribune

Leave a Reply

Your email address will not be published. Required fields are marked *

Transporters Warn of Wheel Jam over Increase in Fuel Prices

Transporter Strike Enters Third Day, Starts Impacting Pakistan’s Exports

Infinix Holds the Annual Channel Appreciation Award Ceremony 2020