Illegal foreign currency transactions, Finance Ministry takes an important step

Illegal foreign currency transactions, Finance Ministry takes an important step
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ISLAMABAD – Finance ministry has decided to change foreign exchange regulation act in order to hamper the illegal foreign currency transactions.

The state bank of Pakistan would see when, where and why the transaction are being made. The preparations are underway to amend the rules.

According to the act, a passenger can send $10,000 out of country while $50 lac can be sent through foreign currency account.After the amendment the prior permission would be required before any transaction.

After the approval of act, State Bank of Pakistan would directly oversee the matters related to foreign currency exchange.

Economy