Pakistan Businessmen and Intellectuals Forum's (PBIF) president Mian Zahid Hussain has demanded of the government to discourage the menace of smuggling, under invoicing and money laundering by taking stern action against the black economy. "Reducing size of undocumented economy is the best way to expand documented economy which requires action as the cosmetic measures have only resulted in wasting resources and helping criminals," he added.
Mian Zahid Hussain said that on the one hand, half-hearted measures of anti-smuggling agencies had helped the enemies of the country and, on the other hand, these organisation lack co-ordination and accountability. Lauding the FIA's action in Peshawar against those allegedly involved in Hundi business and terror-financing, he demanded that the scope of the agency's raids should be extended across the country.
The veteran business leader said that only 11 commodities that are smuggled into Pakistan comes to 3.88 per cent of the GDP and as such it was quite alarming situation because the ratio of smuggling in India is 0.43pc of GDP, in Bangladesh it is 0.04pc and less than one per cent of GDP in dozens of other countries. He said that smuggling of tyres, tea, auto parts, mobiles, TV sets and diesel in country stood at 59pc, 47pc, 57pc, 59pc, 57pc and 33pc, respectively while smuggling of LPG, cement, tiles, plastic, steel and automobiles have been continuously increasing, thereby hitting industrial sector and reducing jobs and revenue. He said that toys, clothes, crockery, electrical items, sanitary, etc were being imported in a huge quantity but to save customs duty, importers of these items resort to under invoicing which, he added has resulted in zero investment in these sectors.
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