The government is considering implementing a unique proposal in the budget (2023-24) to impose a ban on cash transactions beyond a certain limit at retail outlets and food retail outlets/restaurants from July 1, 2023.
The Federal Board of Revenue (FBR) is examining whether this proposal is practicable and whether it will also increase documentation or not.
Sources told ProPakistani that the proposal is viable, but the question remains whether it would be practically possible or not. These major restrictions on cash transactions beyond a certain limit would promote electronic payments.
It is recommended that cash transactions beyond a certain limit, e.g., Rs 10,000 and Rs. 5,000, should not be allowed at retail outlets and food retail outlets/restaurants. Instead, non-cash payment methods such as debit/credit cards, mobile payments, or other electronic means should be encouraged for payment.
For this purpose, retail outlets should be required to install Point of Sale (POS) machines that accept non-cash transactions. Additionally, the government should provide incentives to retailers for adopting electronic payment systems.
The restrictions on cash transactions beyond a certain limit and the promotion of electronic payments can bring transparency and accountability to the retail sector.
It will ensure that all transactions are recorded and can be tracked, reducing the likelihood of tax evasion and illicit activities. Furthermore, it will encourage the use of banking services and promote financial inclusion, while also providing actionable information, sources added.
National bank, national saving, almost all banks etc etc ka online system bundh he rehta hai zada tar, easypaisa jazz cash bhe zada tar phurrrr sai urr jata hai. Aur iqdamat daikho hakomat e pakistan kay.
Wo sb tou thk hai pr jb gov khud hii mobile internet bund kr de phr kya karein ge?
Aur agr transaction nai hoti tou phr cash ki option hogi?
When you go to fuel up your vehicle, there is written no cards are entertained.
Very good comment .I am very happy on your truth .
It will promote thela ٹھیلہ Shopping, the other thing 1st government have to improve continuous electric power
It would be against the right of individuals. Instead of leakage of utilization of tax collected money and bribery, going to implement such pathetic proposal which might be emerged after taking cocaine.
Hamary pass bijli NAHI he or NAHI hamara pesa Kuwaiti dinar he Jo 500 rupees me AP Saman khareed sakain AK wakt ka her Pakistani ko business sekhain nake nokar sub thek ho jay ga inshallah.
An excellent idea, FBR itself has to be vigilant in this issue.
You can find a reasonable number of restaurants, hotels, branded clothing stores, shopping malls, cash and carry outlets and especially the petrol pumps. Just one example , Adiala Road Rawalpindi has almost 20 gas and petrol stations from APS& C humayyun road to Punjab housing society near central station and none of them has POS machines with them. They have clearly dispayed cards that POS machine is not working.
None of the FBR official has carried out any raid to check this issue.
FBR needs to address it.
Fbr is eating themselves they don’t have the time to solve this issue
SOunds like a good initiative. The Govt needs to discourange cash dealing which is a right step towards documenting economy which shall result into widen of tax net instead of continually putting tax burden on the existing tax payers
A sheer nonsense idea.
Dunya sari especially India digital payments ko barha rahe hain aur aap ulat side pe ja rahe
India maiin Bijli, Mobile networks and faultless Online system bhi 24/7 working condition main hotay hain
In Pakistan banking systems are not capable of handling such transactions at large. Firstly implement reliable banking system then implement these policies otherwise we will end up with another policy failure.
SBP launched RAAST instant payment system. It’s working in P2P mode, next phase was P2B but current Govt is not using that option. 1stly Govt should launch that system than encourage people to use this digital payments system and discontinue higher currency note especially 5000 and 1000 note. Biggest note shoul be 500 than people’s have to use digital payments options
5000 Rs what can you buy please tell me stop this non sense rate of food items is even so much
People pay sales tax to shopkeeper and stores which they don’t pay to Govt and similarly businessmen earn huge profits with no income records. They spend luxury life but in FBR no or minimum taxes. Therefore Cashless economy is the only survival to Pakistan
Digital payments should be stopped for edibles because in most cities no one is accepting and cash is accepted everywhere there is too much risk involved. See your telecom company charges for internet why will people spend money on data.
Cash transactions more than 50000 should be banned less than this is not possible
Before implementing this law, government should provide the needs to make it work across the country for each individuals. their should be no transaction charges on this as the consumers are already in a mess and living hardly hand to mouth situation.
Good suggestion. Its a good decision but shall be free from all types of taxes. This is only possible if the banks also stop providing cash to the people.
Good initiative but home work needs to be done before implementation as banks aren’t able to cope with such requirements. Also regular power supply and Internet is important…
آن لائن ٹرانزیکشن پر ٹیکس کی شرح کم کریں، کیش ٹرانزیکشن پر ٹیکس کی شرح ڈبل کریں۔ آن لائن ٹرانزیکشن کو سالانہ ٹیکس ریٹرن میں لکھنے کی جھنجھٹ ختم کی جائے اور کیش ٹرانزیکشن کو سالانہ ٹیکس ریٹرن میں لکھنا لازمی قرار دیا جائے۔ پانچ ہزار کا نوٹ ختم کیا جائے۔ باربار موبائل اور انٹرنیٹ سروس بند کرنے کی حماقت ختم کی جائے۔ چھوٹے کاروبار کرنے والوں کو مجرم کی طرح ڈیل کرنے کا نظام بدلا جائے۔ ایف بی آر میں ٹیکس گذار کو
ہراساں کرنے کا کلچر ختم کیا جائے۔
In a country where 98 persons don’t have access to clean water affordable electricity and education housing the govt should devise ways to tax the effullent ones in a manner to ensure well being of less privileged rather than show of by interfacing ideas which the first world is ñot clear
Why should rich be responsible for the poor who produce 10 kids per couple. Average of 5 kids is the norm. Over taxing the rich is not the solution. Having strict laws on child production according to income is.
Aap ko lagta hai Kay Govt. Logon pay Paisa Kharch Karti hai….? Haddd hai…. Number of Children zyada honay ki wajah say 2 major expenses pay impact Aata hai 1. Education and 2. Health..
Aap ko lagta hai Kay Health and Education pay Pakistan Govt. Expenditure Karti hai….?
WTJ.
Comments ziada tar thik AA rahay hain. Iss system ko start karnay SE pahlay aanay walay masail per ghor Karna or rukawaton ko door Karna , zaroori ha. Maslan har waqt power supply hona zaroori Hoga Jo filhal nahi ha. Transaction ma issue ho y k bad a lamba time aajkal darkar HOTA ha apki payment restore honay ma. Agar in dono masail ko hi len to log iss system ko qabool nahi karengay. Maloom nahi iski zaroorat hi Q gay jab k AAP pahlay hi ATM or online shopping SE mustafeed hi rahay hain ..
At Cattle Mandies and Slaughter houses?
I suspect it’s not practical in 80% illiterate cash society
Just a filler article to fill in space. Nothing true just fake news and rumours
another joke like discount on petrol for bikers
اتنی فضول باتیں کر رھے ھیں۔دراصل چوھے ٹماٹر کھانے آے تھے پنجرے میں پھنس چکے ھیں اب نکلا نھیں سکتے۔ملک کا دیوالیا کر دیا علی بابا چالیس چوروں نے۔
But how will govt restrict shopkeeper to tak cash.
hamari Paros Iran me her retail shop per ap se cash nahen electronic payment accept karti hen Kia hum Iran se BHI backward hen.her bat me keri nikalna humari Qom ki adat he
Iran chale jao tum yahan cash he chalta or chale ga . Who will people to use electronic payment shopkeepers are not educated.
Zara si baarish Hoti hai,and 1 Link down.pehley to banks apna system update Karein..then yeh proposal ley key ayyein..
I have stopped paying by card as when charged funds get deducted from account but retailor doesnt receive it his end. Sometimes funds get reversed immediately but many times it doesnt. Then i have to complain and it takes 45 days to reverse funds to account. So fix the system and then come up with a new schemes.
مشہور بیکری ملازم کارڈ پیمنٹ وصول کرنے نہ کوشش کرتے ہیں کہ مشین نہیں چل رہی سسٹم ڈاؤن ھے د
Actually the government want to loot the consumers…. Sales tax is not enough for the government that’s why now they want to loot some more money through electronic payment…. In every transaction the government will cut it’s share….
Banned karnay se kia ho gaa. Transaction ziada ho gee tu inflation kaam ho ga. Business growth ho ga. Lakin yahain reverse thinking hai.