NA committee on finance, revenue and economic affairs approves Foreign Exchange rules 2019

July 30, 2019 (MLN): The meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly has held today under the chairmanship of Asad Umar.

The committee discussed “The Foreign Exchange Regulation (Amendment) Bill, 2019.”

Director General, Federal Investigation Agency (FIA) briefed the Committee about the penalties and procedure of the said Bill.

Deputy Governor, State Bank of Pakistan informed the Committee that an amendment has been proposed on the suggestions of the Committee with regard to move or transfer of foreign currency (inland moment), which would be upto maximum US$ 10,000 (or equivalent in other currency).

After thread bear discussion, the Committee unanimously recommended that the subject Bill may be passed by the National Assembly with minor amendments

The Committee also discussed “The Anti-Money Laundering (Amendment) Bill, 2019” clause by clause and unanimously recommended that the subject Bill may be passed by the Assembly with few amendments.

During the meeting, Director General, FIA said that over invoicing and under invoicing became tool of money laundering. Several people launder money 40000 dollars from banking channel and 60000 from hundi.

He also said that dollars have been smuggled from Pakistan. Currently if somebody wants to transfer money it can move out in 15 minutes, as one money changer in Karachi launder money amounting to Rs 16 billion, he added.

The chairman of the committee stated that the people involved in hawala and hundi should face punishment.

The committee also directed the SBP to inform how much amount has been repatriated in next meeting.

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