The Foreign Currency Declaration was a unilateral decision by the FATF Cell
ISLAMABAD: The requirement of the Civil Aviation Authority to fill foreign currency declaration form for passengers coming from abroad was not part of the decision of the Ministry of Finance and Revenue.
It was revealed in the meeting of the Senate Standing Committee on Finance held yesterday that the Director General of the Financial Action Task Force (FATF) changed the decision 12 days before the visit of the FATF delegation.
Both the finance ministry and the Federal Board of Revenue were unaware that the Civil Aviation Authority had issued a notification on August 16 requiring passengers arriving from abroad to declare foreign currency in their possession. has been given.
It should be noted that due to this step, the pressure on the rupee has increased.
The FATF delegation had completed its visit to Pakistan on September 2. Deputy Governor State Bank Dr. Inayat Hussain said that recently exchange companies have complained that the Civil Aviation Authority’s requirement of currency declaration for passengers coming from abroad is increasing the pressure on the rupee, as passengers Now they are avoiding bringing foreign currency with them.
Senator Kamil Ali Agha of Pakistan Muslim League (Q) raised the issue of foreign currency declaration. Chairman FBR Asim Ahmed said that FBR was not involved in any decision by which declaration of foreign currency was made mandatory.
According to the Deputy Governor, his understanding is that the CAA must have issued this circular with the consent of Pakistan Customs. Minister of State for Finance Dr. Ayesha Pasha was also unaware of the decision of Civil Aviation.