ISLAMABAD: The Federal Board of Revenue (FBR) has directed the customs authorities to deposit the confiscated foreign currencies into the relevant National Bank of Pakistan’s (NBP) branches dealing in foreign exchange.

In this connection, the FBR has issued instructions to the customs Collectorates on the mechanism for the authentication of confiscated foreign currencies.

According to the FBR’s instructions, the FBR has referred to the letter of the State Bank of Pakistan (SBP) on the said issue.

The FBR’s document stated that the Central bank has communicated to DG Customs Intelligence and Member Customs about the new mechanism devised by the SBP for authenticating confiscated foreign currencies.

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As per new mechanisms, foreign currencies confiscated by law enforcement agencies or other government departments should be surrendered directly to the branches of the NBP dealing in foreign exchange, for realization/ authentication and onward credit to appropriate accounts.

The new process is aimed at streamlining the handling of these currencies and making the overall operation more efficient. Subsequently, Customs has directed its field formations to surrender confiscated foreign currencies to the branches of NBP dealing in foreign exchange, FBR referred to the SBP’s instructions.

Copyright Business Recorder, 2023