ISLAMABAD: The government has told the Supreme Court that an amnesty scheme is being introduced during the ongoing month (March).
The Supreme Court had observed that transfer of money abroad without justification was disastrous for the country and hinted at banning the practice.
A three-judge bench, headed by Chief Justice Mian Saqib Nisar, was hearing the suo motu notice about the foreign bank accounts held by Pakistani citizens. Chief Justice Mian Saqib Nisar asked Additional Attorney General Waqar Rana as to whether the Supreme Court can halt transfer of money abroad. The law officer replied, “We should have a multilateral agreement with the countries for exchanging the information.”
Justice Ijazul Ahsen, another member of the bench, diverted the attention of the law officer by giving an example of Germany that had got back money from Switzerland.
The Chief Justice expressed annoyance at the performance of the Federal Board of Revenue (FBR) as well as the State Bank of Pakistan (SBP) for failure to comply with the court’s earlier order for collecting information regarding the volume of accounts, opened by the Pakistanis abroad.
“Still it is not known about the volume of accounts opened by the Pakistanis abroad,” the CJP remarked adding that sending money abroad without justification was disastrous for the country.
“My focus is on two things, first how much properties have been established by the Pakistanis abroad and second what they have mentioned in their foreign accounts,” the CJP asked. “Still it is not known that the foreign exchange transferred abroad was tax-paid or not,” Justice Umer Ata Bandial, another member of the bench, observed.
“What the government has done so far for discouraging this process and whether the government was sleeping,” the Chief Justice questioned. During the hearing, Secretary Finance Arif Ahmed Khan and Chairman FBR Tariq Pasha appeared before the court. The secretary finance told the court that they have held five sessions for evolving an amnesty scheme and bill in this regard will be sent to parliament for approval.
In your existing local law, there are certain loopholes and this perception had been reinforced in the Panamagate case as well, Justice Umer Ata Bandial told the finance secretary. The judge further said that by now if there were any legislations in the matter, it should have been initiated.
