Islamabad: Minister of State for Finance Aisha Ghaus Pasha informed Senate Standing Committee on Finance and Revenue that restriction for foreign travelers to buy dollars only through cheques and cash carrying limit reduction by $ 5,000 from $ 10,000 will remain in force to further strengthen regulatory regime, improve documentation and control illegal activity in FCY.

It was advised that all foreign currency outward remittances/sale transaction of 2,000 or above (or equivalent in other currencies) against rupee shall be conducted by Exchange Companies through bank transfer/cheque from personal account of customer. It was further informed that to control unnecessary outflow of funds, State Bank of Pakistan has revised cash carrying limits abroad except to Afghanistan to $ 5,000 visit and $ 30,000 annual limit per person from 18 years and above whereas below 18 limit is $ 2,500 per visit and $ 15,000 annually.

Senate Standing Committee took notice of irrational and overconfident behaviour of officials of Federal Board of Revenue for erroneous notices, illicit harassment and illegal charges of anti-money laundering on senators and tax filers and demanded suspension of officers involved in such activities.

Senator Afnan Ullah Khan, Senator Kamil Ali Agha, Senator Saleem Mandviwalla, Senator Kamran Murtaza, Senator Dilawar Khan and FBR and officials of relevant departments attended meeting.

Published in The Daily National Courier, November, 24 2022

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