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ISLAMABAD: The Reforms & Revenue Mobilization Commission (RRMC) has recommended that petrol stations across the country should not accept cash payments for fuel purchases.

Through Finance Bill 2023, the said restriction has been proposed to be imposed on petrol stations in the coming budget (2023-24), according to the RRMC.

Currently, petrol stations in Pakistan accept cash payments for fuel purchases. Apart from providing an opportunity for tax evasion and undocumented transactions, it is challenging to track transactions done in cash, which may lead to financial irregularities.

The RRMC has recommended that petrol stations throughout the country should no longer accept cash payments for fuel purchases.

Non-corporate businesses: RRMC suggests hike in tax rates

Customers should be encouraged to pay using electronic banking, credit/debit cards, or other digital payment methods. It is further suggested that the FBR, State Bank of Pakistan, and relevant stakeholders should work together to create a framework for implementing the proposal to ensure a smooth transition towards cashless transactions at petrol stations throughout the country.

Oil Marketing Companies can also issue prepaid fuel cards/prepaid debit cards. It would help in promoting a more transparent and documented economy and prevent the risks linked with cash transactions as mentioned above, the RRMC recommendation added.

Copyright Business Recorder, 2023

Comments

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Muhammed May 26, 2023 12:16pm
It seems that members of the RRMC are living in fool’s paradise. Almost all their proposals needs to be consigned to trash basket.
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Saleem R May 26, 2023 04:20pm
We already have long lines at most Petrol Pumps across major cities & the majority of fuel buyers are motorcyclists. They pay Cash as their purchase is small. How long will be they waiting for paying via debit card of any sort. RRMC should take their heads out of wherever they currently have & face the reality.
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Aamir Latif May 26, 2023 11:24pm
Seems planners are out of their minds and ground realities, majority public consumers are illetrate, how can you implement when they dont operate formal bank accounts... and ATMs..... Pre-planning required
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Parvez A. Faruki May 27, 2023 07:04pm
A big chunk of gasoline sales are made to motorcyclists who purchase petrol amounting Rs.150/- daily. This is my personal experience. Regards.
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