FBR to Provide Record of Anyone Who Has Bought Foreign Currency

The State Bank of Pakistan (SBP) has asked the Federal Board of Revenue (FBR) to provide the record of foreign currency buyers through exchange companies across the country.

A letter from the central bank has sought the data of all buyers of the US dollars from money exchangers during the past few months.

The letter said that the FBR is authorized to collect the data from exchange companies to trace such buyers. The initiative is in line with the government’s policy to keep track of banks and exchangers’ activities under the Foreign Exchange Regulation Act.

The data will help the government’s efforts to curb dollar hoarding in the country. It said that all concerned departments and institutions are collaborating with the government in this crackdown including, Federal Investigation Agency (FIA), State Bank of Pakistan (SBP), Federal Board of Revenue (FBR), Financial Monitoring Unit (FMU) and Anti-Narcotics Force (ANF).

The government had directed FIA to launch a full-fledged operation against dollar hoarding and speculative currency trade in the country.

  • I had money but I still didn’t buy dollars cause I am faithful with my Pakistan and it’s currency

    • The government is not faithful to you though. They print money all the time to finance their corrupt activities. This is a form of theft through currency debasement.

  • We should be free to buy whatever we want with our hard earned money or invest in whatever we want. They can not take away our freedom to choose.

  • On the one hand the govt has allowed the rupee to free float, a.k.a nose dive. while on the other hand it is curbing buying other currencies.”kia ye khula tazaad nehi”. If the govt wants to control the rupee it should put a cap on it’s price (devaluation). One sided action is not fair.

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