Banking industry’s deposits have declined by Rs. 710 billion in July,mainly due to customers panicking and withdrawing money from their accountsdue to FBR’s recent tax reforms.
ISLAMABAD – Massive withdrawal of Rs 700 billion reported from PakistaniBanks in thirty days time period.
State Bank of Pakistan’s (SBP) report says that deposits of bankingindustry decreased to Rs. 13.747 trillion in July 2019 from Rs. 14.45trillion in June 2019.
According to the bankerslink,a significant number of customers withdrew their savings, including localcurrency and foreign currency, to avoid getting on FBR’s radar. The taxauthority has taken a number of strict measures over the past few months,causing people to withdraw their money from the banks.
FBR had asked the banks to share the data of customers with over Rs. 0.5million in their accounts (savings and current accounts both). Thesecustomers will be asked for their source of income and income declarationto the tax authority.
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Banks, so far, have only shared the record of savings accounts with the taxauthority.
Tag: FBR, Pakistani Banks
