Karachi: The Federal Board of Revenue (FBR) has launched a crackdown against the stockpiling of United States (US) dollars, according to news sources. The department has also decided to obtain records of people who buy dollars from money exchange companies.
FBR had also asked for assistance from the State Bank of Pakistan (SBP) in this regard. The SBP clarified in its reply that the state regulates the money exchange companies as dictated in the Foreign Exchange Regulation Act. However, SBP maintained that the FBR is within its rights to gather the needed data as it operates under the Income Tax Ordinance 2002 and is allowed to get information on the buyers.
The government is also seeking assistance from all the relevant agencies (Federal Investigation Agency (FIA), SBP, FBR and Financial Monitoring Unit (FMU) etc.) to launch a crackdown against the mining of the dollars. The operation seeks to bring the rate of exchange for dollars in the rupee market back to its free market rates.
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