Foreign Currency Dealers Propose to Revise Limits for People Traveling Abroad

A delegation of Foreign Exchange Dealers has proposed that the government revise foreign currency limits for people who are traveling abroad to reduce the outflow of US dollar.

A delegation of Foreign Exchange Dealers, led by the President of Forex Association of Pakistan, Malik Bostan, called on Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, on Tuesday.

The delegation suggested various measures aiming at improving the foreign exchange of the country.

The representatives of the Association mentioned that smuggling of dollar to Afghanistan and Iran is a serious issue and the government agencies should take strict action against elements who are involved in foreign currency smuggling.

The delegation informed that people who are traveling abroad are carrying six million dollars per day. In order to reduce the outflow of dollars, the delegation proposed that the foreign currency limit for people, who are traveling abroad, should be revised.

The delegation expressed concern over under-invoicing by some importers and suggested that the customs authorities should take over the goods of the importers who are involved in under-invoicing and causing losses to the national exchequer. The delegation also offered its support to improve the foreign exchange of the country.

The Adviser assured the delegation that their proposals would be considered positively. The meeting was attended by Secretary Finance, Naveed Kamran Baloch, Governor State Bank of Pakistan, Dr. Reza Baqir, senior officials of Ministry of Finance and representatives of foreign exchange dealers.

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