PR No.48 Proof Of Payment, Origin Of Payment For Non-LC Imports To Be Checked Islamabad: December 5, 2015

Finance Minister, Senator Mohammad Ishaq Dar has directed Federal Board of Revenue to take necessary measures to curb illegal trading practices impacting foreign exchange market in the country.

The Minister, in particular, asked FBR to obtain from importers, the proof of payment and origin of payment for non LC imports at the time of custom clearance. At the same time, FBR should scale up its anti-smuggling operations. The directions have been given to the Chairman and senior officials of FBR for immediate compliance.

The Minister noted that despite the stable outlook of the external account certain elements had put pressure on the Pak Rupee in the kerb market through their speculative and manipulative activities. The State Bank of Pakistan is determined to check such manipulation and all necessary steps will be taken to counter illegal practices. Following a recent meeting on the subject chaired by the Finance Minister, the State Bank of Pakistan has already geared up its regulatory role and the relevant government agencies, including the FBR would also do the needful in this regard.