ISLAMABAD: Minister of State for Finance Dr. Ayesha Ghous Pasha wowed to give exemplary punishment to commercial bank who were over charging on Letter of Credits (LCs) payments.

Briefing Senate Standing Committee on Finance and Revenue minister of state said that banks responsible for over charging would be fined heavily so that they should avoid such actions in future. Senator Saleem Mandviwalla chaired meeting. Governor State Bank of Pakistan Jameel Ahmed said that when commercial banks faced shortage of dollars they started charging extra dollars on payments of LCs.

He said that Central Bank had thoroughly investigated matter. Senator Kamil Ali Agha enquired whether businessmen who were over charged would get back their money. Governor SBP said that they would not get their money back but action would be taken against banks involved in matter. Senator Faisal Raheem proposed to cancel license of concerned banks.

Governor SBP said that for 80 percent LCs, banks don’t need our permission while permission for 20 percent of LCs was obligatory. He said that payments of LCs of up to $ 100,000 would start this month. Chairman Federal Board of Revenue Asim Ahmad briefed committee about issue of dismissal of daily wages employees of Pakistan Customs in Balochistan. Senator Kamran Murtaza asked FBR to provide relevant documents in this regards next meeting.

Published in The Daily National Courier, November, 12 2022

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