Ministry of Finance to amend Foreign Exchange Regulations Act to prevent illegal transactions

By MG News | April 04, 2019 at 04:27 PM GMT+05:00

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April 4, 2019: The Ministry of Finance has proposed to amend the Foreign Exchange Regulations Act (FERA) 1947 by introducing a bill “FER (Amendment) Act 2019”, in the National Assembly in order to prevent illegal foreign exchange transactions.

This purpose behind this proposal is to empower the State Bank of Pakistan (SBP) to regulate foreign exchange regime in the country more effectively.

The proposed amendment has been approved by the Federal Cabinet and transmitted to Parliament for enactment.

The amendments would substantially strengthen the SBP’s powers to issue necessary regulations/instructions relating to inland movement of foreign currency and enable it to monitor such movement.

The measure is a part of government of Pakistan’s efforts to enhance the transparency of financial transactions.

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