Legislation against currency hoarders in making
Maximum limit per person, per calendar year, to buy foreign currency, in the form of cash or outward remittances, will also be reduced from $100,000 to $50,000. photo: file
In a significant move, the government has taken a decision to crack down on institutions and individuals involved in hoarding foreign currency. A legislation addressing this issue will be incorporated into the proposed Finance Bill, signalling a firm stance against such practices.
The legislation aims to impose penalties, including imprisonment and fines, on those who would be found guilty of hoarding dollars or any other foreign currency.
The law will apply to both institutions and individuals engaging in currency hoarding activities.
As per the proposed provisions in the finance bill, individuals entering Pakistan from abroad will be allowed to bring up to $100,000 within a year without being required to disclose the source of income.
Additionally, individuals will be permitted to bring Rs5 million or the equivalent amount in foreign currency into Pakistan without the obligation of declaring the source of income.
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