Pakistan targets foreign exchange dealers who break rules
January 16th, 2012 - 2:23 pm ICT by IANS ( Leave a comment )Islamabad, Jan 16 (IANS) Pakistan has begun a crackdown on foreign exchange dealers who violate rules and will set up a task force to check irregularities, said Interior Minister Rehman Malik.
Malik Sunday directed the Federal Investigation Agency (FIA) to start a crackdown against foreign exchange dealers who violate the Foreign Exchange Act.
The minister directed the FIA and customs authorities to ensure that US dollars are not taken out of the country by carriers, reported the Associated Press of Pakistan.
He also wanted the FIA to constitute a separate task force to curb irregularities in foreign exchange business.
It was decided that the FIA would investigate cases of under and over invoicing in imports and exports.
Now no one will be allowed to deposit foreign exchange in banks without declaring the source of purchase and receipt.
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Tags: banks, crackdown, customs authorities, exchange act, exchange business, federal investigation, foreign exchange dealers, imports and exports, interior minister, investigation agency, invoicing, irregularities, pakistan, receipt, rehman malik, targets, task force
