FBR directed to obtain proof of payment for non-LC imports

ISLAMABAD: Finance Minister Mohammad Ishaq Dar has directed Federal Board of Revenue (FBR) to take necessary measures to curb illegal trading practices impacting foreign exchange market in country.

The minister, in particular, asked FBR to obtain from importers, the proof of payment and origin of payment for non-LC imports at the time of custom clearance. At the same time, FBR should scale up its anti-smuggling operations. The directions have been given to FBR Chairman Nisar Muhammad Khan and senior officials for immediate compliance.

Dar noted that despite the stable outlook of the external account certain elements had put pressure on the Pakistani Rupee in the kerb market through their speculative and manipulative activities. The State Bank of Pakistan (SBP) is determined to check such manipulation and all necessary steps will be taken to counter illegal practices.

Following a recent meeting on the subject chaired by the finance minister, the SBP has already geared up its regulatory role and the relevant government agencies, including the FBR would also do the needful in this regard.