ISLAMABAD: A delegation of the foreign exchange dealers, led by ForexAssociation of Pakistan President Malik Bostan, called on Adviser to PrimeMinister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh onTuesday to suggest various measures aimed at improving the foreign liquidreserves of the country.
The association representatives stated that the smuggling of dollars toAfghanistan and Iran was a serious issue and the government agencies shouldtake strict action against the elements who were involved in foreigncurrency smuggling.
The delegation informed that the people travelling abroad take out $6million per day from the country, adding that in order to reduce theoutflow of the dollar, foreign currency limit for the people travellingabroad should be revised.
The delegation expressed concern over under-invoicing by some importers andsuggested that the customs’ authorities should confiscate the goods andauction them, as under-invoicing causes grave losses to the nationalexchequer.
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The adviser assured the delegation that their proposals would be consideredpositively. The meeting was attended by Finance Secretary Naveed KamranBaloch, State Bank of Pakistan Governor Dr Reza Baqir, senior officials ofthe Ministry of Finance and representatives of foreign exchange dealers.
