ISLAMABAD: About 90 percent of dollars are being hoarded in Pakistan while currency smuggling has just 10 percent share, revealed member of Federal Board of Revenue (FBR) while talking about assessment carried out by Board.

Mukarram Jah Ansari who is an FBR member said that Customs Department has increased vigilance at entry and exit points of country including airports to prevent currency smuggling.

“It’s responsibility of other regulators and law-enforcement agencies to take action against those involved in speculation and hoarding of greenback. We have found that dollar is cheaper in neighbouring country; however, we have increased our vigilance in bordering areas to curb terror financing,” he said.

Ansari said that FBR seized dollars and Saudi Riyals in few instances. He said that government is making efforts for signing Electronic Data Integration (EDI) agreements with different Central Asian Republics (CARs) Russia and United Arab Emirates to curtail mis-invoicing and under-invoicing.

He dwelt upon various issues for bringing reforms in Customs for improving overall performance of tax collection agency. He said Pakistan and China had signed an EDI agreement and both sides were exchanging trade data electronically.

He said FBR would devise an action plan in order to curb mis-invoicing and smuggling. It’s relevant to narrate that multi-billion dollar losses are estimated to harm economy in wake of under-invoicing on an annual basis.

To another query about EDI agreement, he said government would move ahead with signing EDI agreements with Uzbekistan and other CARs-Russia, North Africa and UAE.

He said in order to control currency smuggling, they had developed an electronic application that would be launched within ongoing month.

Ansari said he had instructed collectorates to select 10 cases in each jurisdiction every month and offered them to settle cases through Alternative Dispute Resolution Committee.

Published in The Daily National Courier, January, 10 2023

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