ISLAMABAD – Ministry of Finance has proposed to amend the Foreign ExchangeRegulations Act 1947 to prevent illegal foreign exchange transactions.
Under the proposal, the previous act will be updated with an amendment actto empower the State Bank of Pakistan to regulate foreign exchange regimein the country more effectively.
It said proposed amendment has been approved by the Federal Cabinet andtransmitted to Parliament for enactment.
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The measure is a part of government’s efforts to enhance the transparencyof financial transactions.
