Islamabad: The Federal Board of Revenue (FBR) introduced Pakistan’s first ‘Automated Cash Declaration System’ on Tuesday (February 01) to track foreign currency at airports’ arrival and departure points beginning with Islamabad International Airport, news sources reported. The Federal Investigation Agency’s (FIA) system will use National Database and Registration Authority (NADRA) data to track passengers at key airports and border crossings.
According to reports, Finance Minister Shaukat Tareen stated in a tweet that data obtained through Point of Sales (POS) and cash declarations (CDs) will be shared with all relevant authorities, including State Bank of Pakistan (SBP), FIA, Customs, and Inland Revenue System (IRS), for further legal action. The minister further stated that the FBR is working on an integrated system with currency dealers to gather data and share it with the SBP to assist documentation of the economy and tracking money circulation.
Furthermore, he stated that the system will provide end-to-end surveillance of the foreign currency market and a semblance of market stability, as well as assist in the fight against money laundering and currency smuggling.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
