KARACHI: Foreign currency dealers have criticised the Federal Board of Revenue’s (FBR) alleged intervention in their business.
Exchange Companies Association President Malik Bostan, in a statement, said “When there is a financial monitoring unit and the regulator State Bank of Pakistan (SBP) the FBR’s action is surprising,” adding that the notices sent by the FBR to exchange companies will discourage the inflows of official channels.
Last week, the FBR’s Directorate General of Intelligence and Investigation-Inland Revenue issued several notices to foreign exchange companies, asking them to provide transaction details of foreign currencies, including the US dollar.
The action has been taken in order to curb illegal movement of foreign currency and prevent the local unit from a decline in the open market.
Tax officials said notices were also sent to exchange companies, asking them to provide details of foreign currency’s sale of up to $250,000 along with the buyer identity.
Bostan, however, said no such notice was received by any member in Karachi. The members were asked to help the government agencies in their anti-money laundering drive. The currency dealer said the laws related to money changing business allow free market mechanism.
