In a major measure to encourage the inflow of foreign currency, the federal government has decided to allow people to bring in up to $100,000 from abroad without disclosing the source of income.
According to the budget document, the enhancement of the monetary limit of foreign remittance remitted from outside Pakistan from Rs. 5 million to rupee equivalent of $100,000 for the purpose of section 111(4) which places a bar on asking nature and source of unexplained income/assets has been proposed.
Presently, authorities cannot ask for a source of income if the remitted amount does not exceed Rs. 5 million per tax year. The proposed amendment to Section 111 (4) of the Income Tax Ordinance would essentially replace Rs. 5 million with $100,000 or ~Rs. 29 million, which is a huge leap.
It is pertinent to mention here that a few years ago, the government reduced the limit from Rs. 10 million to the present Rs. 5 million to reduce the chances of converting black money into white money.
It would not work. Why an Exile would return to old country with economic and political uncertainty. Why a sane person would even think of it where Women are imprisoned by Government? Where Court ordered are flouted by Police?
What is meant by old country?
It’s meant to launder money !!
You seems anti government and anti Pakistan
I’m problem very
Your help me money please
It’s a smart move and will help Pakistan in shoring up its foreign exchange reserves
This amnesty is only meant for the corrupt and criminals to make their black and laundered money white. That is why they said its earning where about / trial will not be asked as their is no answer to it with them.
You are fool but not us.