FBR to penalize 24,000 Pakistanis who bought dollars in bulk during FY19/20

A crackdown was launched by the government last year as well on those involved in dollar hoarding and speculative currency trade.

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The Federal Board of Revenue (FBR) has obtained the data of 24,000 Pakistanis who bought dollars in massive bulk during the fiscal year 2017-18.

Officials from the FBR are investigating the tax records of the concerning individuals. According to sources, 9,880 of these people are from Lahore. Their names have been sent to the Regional Tax Office in Lahore and they will be issued notices.

These people will be investigated regarding their income sources, which allowed them to buy dollars in such large quantities. Many of these individuals had withdrawn money from their bank accounts to escape the withholding tax and invested the money in pounds, gold, euros, and dollars.

A crackdown was launched by the government last year as well on those involved in dollar hoarding and speculative currency trade. This was started in collaboration with the State Bank of Pakistan and Finance Ministry.

Asad Umar, the then finance minister, had said that speculation in the local money market had devalued the rupee against the dollar.

Asad Umar, the then finance minister, had maintained that speculations in the local money market had depreciated the rupee against the greenback.

Numerous money exchange companies were raided across Pakistan, as according to the government, they had created an ‘artificial crisis’ by hoarding dollars and involvement in illegal Hundi and Hawala business.

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