Minister of State for Finance Dr. Ayesha Ghuas Pasha has categorically said that the government is not considering any scheme to give one-time permission to the accountholders to deposit cash foreign currency in their bank accounts without asking the source.
The minister informed the National Assembly Standing Committee on Finance that the government of Pakistan and the International Monetary Fund (IMF) have agreed that there would be no more amnesty schemes.
The IMF is against the concept of amnesty schemes. Therefore, the government is not considering any scheme for the accountholders, she added.
Briefing the committee, Forex Association of Pakistan President Malik Bostan said that the association has convened meetings with the Finance Ministry and State Bank of Pakistan (SBP) to develop some viable mechanisms to deal with the shortage of dollars in the country.
He said that the exchange companies provide monthly $300 million to $400 million and annually $4 billion to the government through commercial banks.
He said that if the government gives permission of seeking dollars from overseas Pakistanis through a direct swap policy, the exchange companies can arrange up to $12 billion per year. He said that exchange companies have provided around $4 billion to the current government since April 2022.
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