Lahore: The Punjab Revenue Authority (PRA) has started issuing notices to non-registered realtors and developers to get registered with the authority, news sources reported on January 27. The authority has given realtors and developers a 15-day deadline to comply with these orders.
Failure to register, according to reports, will result in penalties and the closing of premises. The PRA stated that it has collected information on all unregistered realtors from numerous sources, including social media networks, and that they have been handed notices to comply with the requirements in order to continue their business. Moreover, the Federal Board of Revenue (FBR) has updated its regulations and advised realtors not to conduct transactions with offenders or those on watch lists. In a notice issued this week, realtors were requested to notify the authorities about transactions with questionable persons.
The steps have been taken in order to comply with the Financial Action Task Force (FATF) on the subject of money laundering. The property firms and other DNFBPs would also be obliged to notify the government if there is a change in beneficial owners or top executives at the company under the notification.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
