Massive money laundering unearthed in solar panel imports

KARACHI: Over Rs 69.5 billion over-invoicing was unearthed in the import of solar panels during 2017-2022, ARY News reported.

According to the FBR report, a clear pattern of over-invoicing was revealed on 6,232 Goods Declarations (GDs) from 63 importers and Rs 72 billion was transferred from two private companies however solar panels worth Rs 45 billion were imported.

The Senate standing committee on finance was briefed by chairman FBR on the matter related to over-invoicing.

The commercial banks have violated the financial monitoring unit rules in making the transfer hereby an FIR has been registered against those who are involved.

Earlier, the Alternate Energy Development Board finalized the policy paper on the solar panels and allied equipment manufacturing policy.

Detailed consultations were made with the stakeholders over the policy document, according to sources. Those consulted over the policy included local solar manufacturers, provincial departments, consumers and other related bodies, sources said.

The policy was prepared by the Renewable Energy Task Force headed by the prime minister.

It is important to mention here that due to the recent surge in the electricity tariff, the demand for solar panels increased in Karachi.

According to the details, the continued rise in the power tariff forces the power consumers to think of a cheap alternative.

In response to this escalating issue, many consumers are turning to solar energy as an affordable, eco-friendly, and readily accessible alternative due to which the demand for solar panels has increased in the metropolis.