PR No. 24 Finance Minister meeting with Forex Dealers Association Islamabad: December 2, 2016

The Federal Minister for Finance Senator Mohamamd Ishaq Dar held a meeting today with the delegation of Forex Association of Pakistan led by Shaikh Allauddin, Chairman forex Association of Pakistan on the issue of smuggling of foreign exchange from the country.

The Finance Minister said that the Government has already launched crackdown against illegal money changers and at the airport. As a result of this crackdown against unscrupulous elements, the rupee dollar parity has improved by rupee one in the last 48 hours, he mentioned. He said that the Government would not allow any unscrupulous element to play with destiny of the country. The Government did it in past as in1998 and 2013 and would correct this unnatural hike this time as well, he affirmed. He said that these unscrupulous elements should mind that one rupee devaluation cost 57 billion loss to the exchequers which is detrimental to the interest of Pakistan.

The Minister mentioned during the meeting that some unpatriotic elements have been involved in forex and bullion smuggling. He reiterated in unequivocal terms that rupee dollar parity will not be allowed to be tampered through illegal and unnatural practices, and discipline will be enforced.

The Minister shared with the delegation that DG FIA, Chairman Federal Board of Revenue, Joint -Director Intelligence Bureau and other senior officers concerned have been to take strict measures immediately against criminal elements involved in the smuggling of gold and currency. He stated that FIA, IB, Custom Intelligence and State bank of Pakistan have been tasked to keep strict vigilance in this regard and all airports and other entry points would be kept under strict surveillance to curb this menace of currency and bullion smuggling. He reiterated that the Government is determined to establish writ of the State by all means.

Earlier, the forex dealers appreciated steps taken by the agencies which have resulted in improvement of rupee dollar parity. They assured their fullest cooperation to the Government. They also assured that they would not support any member of their association if involved in this illegal practice. It is expected that the situation will further improve in the coming week, they observed.