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Services sector can help check illegal transfer of foreign exchange: Asad

ISLAMABAD: Federal Minister for Finance, Revenue and Economic Affairs Asad Umar has said the services sector could help in controlling Hundi and Hawala, and thereby ensure remittance of foreign exchange through legal channels.

The minister was talking to a delegation of All Pakistan Exchange Association, led by Allauddin Sheikh, that called on him here, according to press statement issued here by the ministry.

He thanked the delegation for its valuable suggestions and assured its members of his full cooperation in solving their genuine issues.

Earlier, the delegation members apprised the minister of the services being offered by them to the people and also shared with him the issues they had been facing due to smuggling of foreign exchange through various means.

They informed the minister about the regulatory requirements that were hindering the growth of the important sector and presented various proposals for stopping the illegal export of US dollars from different channels and controlling under-invoicing of imports.

The minister was informed that the association had donated Rs 20 million to the dams fund on the fund raising call from Prime Minister Imran Khan. Asad Umar appreciated and thanked the delegation for their contribution.

After winning the elections,   Asad Umar had said quick decisions were needed to fix the national economy.

Asad Umar said decisions regarding exchange rate or monetary policy should be taken by the State Bank and not the finance ministry. There should also be no political intervention, which, in fact, impeded the state institutions from performing their functions properly, he stressed.

He had said Pakistan, which was currently burdened under $95 billion external loans, would have to reduce its trade deficit.



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