January 19, 2022 (MLN): The government on Wednesday, has taken one more step to document the buy and sell of foreign exchange currency, as it plans to set up Point of Sale (POS) units at all foreign exchange dealers.
Foreign exchange dealers and companies have now been added to the Tier1 category.
According to this development, every exchange company has to install POS.
Commenting on the above development, Zafar Paracha, secretary ECAP said that this measure will help to increase the tax net and record movement of foreign currency.
The country should have a taxpayers’ volume of at least 25 to 30 million, he added.
Last year in October 2021, SBP had made biometric verification compulsory for all those who would buy $500 or above from the open market, in order to enhance transparency in the foreign currency transactions by exchange companies and to curb the undesirable outflow of foreign currency.
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