Islamabad: The Senate Standing Committee on Finance on Wednesday (September 07) asked the Federal Board of Revenue (FBR) to implement government policies to streamline foreign currency declaration at airports, news sources reported.
During a meeting led by Senator Saleem Mandviwala, senators asked the FBR to impose limits on exporting excess money by travellers and enterprises. The chair asked the FBR to clarify the Civil Aviation Authority’s (CAA) policy prohibiting cash exports. State Minister for Finance Miftah Ismail stated on the occasion that the federal government has introduced new policy measures to meet Financial Action Task Force (FATF) requirements to curb money laundering. The new policy measures limit the amount of money flying out of the country by individuals and companies. He stated that as a result of the new procedures, organisations formerly involved in the exchange of soiled dollar notes have been instructed to reduce their operations, resulting in a reduction of currency export to USD 7 million, down from USD 3.1 billion in the previous fiscal year. The minister stated that the dollar exchange rate will be regularised to conform to national policies.
It is vital to note that the CAA restricts the amount of money that may be exported outside of the country. Under regulations, passengers are required to declare any foreign currency they are carrying with them when travelling.
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