Karachi: The State Bank of Pakistan issued a circular on Thursday, stating that resident Pakistanis can despite dollars in their bank accounts only if they are income tax filers, reported a news source. The circular further elaborates that a foreign currency account of a Pakistani citizen, who is also a resident, can be hold foreign currency if the holder is a tax filer according to the definition of Income Tax Ordinance 2011.
Before the issuance of this order, resident Pakistanis were not required to be tax filers in order to hold a foreign account. The decision is reportedly taken to keep a check on illegal money being whitened in the form of dollars and also to document dollar holdings in the country.
Clarifying the matter further, the circular states that foreign currency accounts can be fed by remittances sent from abroad through travelers cheques issued from countries other than Pakistan and in the form of foreign exchange generated by encashment of securities issued by the government.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
