Expanding the scope of investigation against illegal money changers and currency dealers, the Directorate of Intelligence & Investigation Inland Revenue (IR) has also served notices on different money changers in other cities including Karachi and Lahore, following recovery of Pak rupee against the US dollar.
Sources told Business Recorder here on Saturday that the recovery of Pak rupee against the dollar has been witnessed after strict enforcement actions by the Directorate of Intelligence & Investigation IR, crackdown on illegal money changers, strict vigilance at airports and customs monitoring of incoming/outgoing international passengers at Islamabad ad other airports. The government has categorically conveyed to the money dealers that it would take extra enforcement measures against the illegal movement of the foreign exchange and action against illegal currency exchange dealers would continue. The enforcement actions have forced the currency dealers or investors to avoid purchase of dollars from the market by undeclared sources. Among other factors, the strict enforcement by the FBR''s intelligence agency is also one of the factors for recovery of the rupee against the dollar.
Finance Minister Ishaq Dar had reportedly conveyed to the money changers in last meeting that the government has already launched a crackdown on illegal money changers as well as at the airports. As a result of the crackdown on unscrupulous elements, the rupee/dollar parity has improved by Rs 1, he added.
Sources said that the money changers and currency dealers in Karachi and Lahore have to complete a Performa of Directorate of Intelligence & Investigation Inland Revenue containing detailed information about the currency transactions to nab those individuals who are buying dollars in bulk from market and taking them abroad. Information also included details of those individuals who purchased dollars over the threshold of 2,500 during the last two months. Action is intended against those whose declared income is not commensurate with hefty purchases of foreign currencies, especially dollars.
This is the first of its kind of major enforcement action against the buyers of dollars purchased from undeclared sources of income. The action is against those where declared income is not matching with hefty purchases of foreign currencies.
Earlier, the agency is already investigating suspicious purchases of dollar from the market in Islamabad by undeclared sources of income. The FBR has also called a Collectors Conference next week (Tuesday) to discuss in detail the measures to curb smuggling of dollars and gold. Recently, some individuals were caught at the airports while smuggling foreign currency out of the country as well as bringing gold into Pakistan. In the Collectors Conference, the FBR will seek details of the enforcement actions taken by the Collectors of Customs in this regard.
The government has already directed FIA, IB, Custom Intelligence and State Bank of Pakistan to keep strict vigilance in this regard and all airports and other entry points would be kept under strict surveillance to curb this menace of currency and bullion smuggling.