Forex dealers expresses concern over under invoicing by some importers

ISLAMABAD, May 28: Foreign Exchange Dealers Tuesday expressed concern over under invoicing by some importers and suggested that the custom authorities should take over the goods, by auctioning them, of the importers who are involved in under invoicing causing losses to national exchequer.

A delegation of Foreign Exchange Dealers, led by the President of Forex Association of Pakistan, Malik Bostan, called on Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr Abdul Hafeez Shaikh, here, a finance ministry statement said.

The delegation offered its support to improve foreign exchange of the country and suggested various measures aiming in this regard.

The representatives of the association mentioned that smuggling of dollar to Afghanistan and Iran is a serious issue and the government agencies should take strict action against such elements who are involved in foreign currency smuggling.

The delegation informed that people, who are traveling abroad, are carrying six million dollar per day.

In order to reduce the outflow of dollar, the delegation proposed that the foreign currency limit for people, who are traveling abroad, should be revised.

The adviser assured the delegation that their proposals would be considered positively.

The meeting was attended by Secretary Finance, Naveed Kamran Baloch, Governor State Bank of Pakistan, Dr Reza Baqir, senior officials of Ministry of Finance and representatives of foreign exchange dealers.

(APP)