SC seeks report on foreign currency transactions of 2017-18

SC seeks report on foreign currency transactions of 2017-18

ISLAMABAD: The apex court has directed the State Bank to submit a report within a week on all foreign currency transactions above $50,000 from Pakistan during 2017-18.

A three-judge bench, headed by Chief Justice Mian Saqib Nisar, gave the directions while hearing a suo moto notice related to foreign bank accounts owned by Pakistanis.

The chief justice remarked that Jahangir Tareen transferred millions of dollars from Pakistan to own assets abroad.

He said that progress of the country depended on foreign assets and water. He pointed out that the Supreme Court should know about Pakistanis who owned properties and had accounts in Switzerland.

Policies were made just to get own benefits so the money easily could be transferred abroad. However, the recent aim behind this move of the court was to take advantage of the amnesty scheme before September, said the chief justice.

Justice Umer Ata Bandial said that government should take steps to bring back Pakistani assets.

Hearing of the case was postponed for a week. -APP/AFP