Restriction on dollar carrying limit remains in place

Decision was taken to strengthen regulatory regime, control illegal activity in foreign currency
<p>Photo: Online</p>

Photo: Online

Federal Minister of State for Finance Aisha Ghaus Pasha on Wednesday informed the Senate Standing Committee on Finance and Revenue that the restriction for foreign travelers to buy US dollars will remain in force.

She apprised the committee that the decision was taken in order to strengthen the regulatory regime, improve documentation and control illegal activity in foreign currency.

It was told that the visitors can buy US dollars only through cheques while the cash carrying limit which was reduced to $5,000 from $10,000 will remain unchanged.

All foreign currency outward remittances, sale transaction of US $2,000 or other currencies equivalent in amount was advised to be conducted by the exchange companies through bank transfer or cheque from personal account of the customer.

Furthermore, the Senate panel took notice of the irrational behavior of the officials of the Federal Board of Revenue (FBR) for notices, illicit harassment and illegal charges of anti-money laundering on Senators and tax filers and demanded suspension of the officers involved in such activities.

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foreign exchange

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