Dar, others review proposals of foreign exchange

WEB DESK: Finance Minister Senator Ishaq Dar Wednesday chaired a high-level meeting here to review proposals and recommendations on bringing about improvement and changes in the laws regulating the inflow and outflow of foreign exchange in the country, as well as disclosure of assets held abroad by Pakistanis.

State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan(SECP), and Federal Board of Revenue(FBR), submitted their separate reports, in the context of Finance Minister’s instructions given earlier on evolving a methodology to plug loopholes in the system that allow tax evasion and illegal transfer of foreign exchange from the country.

The three institutions also made presentations on the progress with regard to the Finance Minister’s directives for cross verification and investigation in cases of persons having resident status and holding interest in off-shore companies as disclosed in the Panama Papers.

The minister issued directives for early completion of the verification and advised the three institutions to further improve and firm up their recommendations after mutual consultation, following which a detailed report be presented to the Finance Minister. He said the present government had the resolve to regulate the foreign exchange inflows and outflows in the country as well as to have an effective law regarding disclosure of assets held abroad by Pakistanis.

He said amendments in the relevant laws would be made in the light of the recommendations put forth by SBP, SECP and FBR.

Source: Business Recorder