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Details of dollar procurement sought from exchange companies: sources

KARACHI: The Federal Board of Revenue (FBR) has issued notices to at least 24 foreign exchange companies, seeking details of people who procured US dollars from them.

The notices were issued in connection with the flight of dollars during the past couple of years, which resulted in depreciation of the local currency, said sources.

Sources quoted in the report said that Corporate Regional Tax Office (CRTO) Karachi issued the notices to obtain information under a section (176 of Income Tax Ordinance 2001).

The FBR is seeking information of particularly those who purchased dollars and remitted them abroad for education, health and travelling purposes.

The FBR sources said it was learnt that several people purchased dollars in large quantity and waiting of further depreciation of the local currency to earn on disparity.

Read more: Around 120 bln dollars illegally transferred to overseas: Shabbar Zaidi

The corporate regional tax office asked the exchange companies to provide details of financial transactions, including name, computerised national identity card and addresses and dates.

The FBR sources quoted in the report said the exchange companies were given one week to provide information of such purchasers in a prescribed manner.



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