The Reforms and Revenue Mobilisation Commission (RRMC) has proposed cashless transactions for fuel purchases at all petrol stations across Pakistan.
The proposal has been added to suggestions for the upcoming budget (2023-24) through Finance Bill 2023, reported Business Recorder.
In Pakistan, petrol stations currently accept cash payments for fuel purchases. The RRMC suggestion comes in lieu of how difficult it is to track cash transactions which later lead to financial irregularities like tax evasion and money laundering. The RRMC has tabled that all petrol stations stop accepting cash payments for fuel.
As per the proposal, customers have to be brought on board to use electronic banking, credit/debit cards, and other digital payment methods to conduct transactions. It is also suggested that the Federal Board of Revenue, the State Bank of Pakistan, and other key players collaborate and develop the framework for adopting the proposal easily switching to cashless transactions at petrol stations all over Pakistan.
According to the RRMC, prepaid fuel cards/prepaid debit cards can also be issued by Oil Marketing Companies. The addition would help promote and report a better economy, as well as avoid the risks associated with cash transactions.
