Hafeez Shaikh assures forex dealers of reducing foreign currency limit on travel abroad

ISLAMABAD: Dr. Abdul Hafeez Shaikh, adviser to Prime Minister on Finance and Revenue on Tuesday assured foreign exchange dealers of reducing limit for carrying foreign currency on traveling abroad.

Earlier, a delegation of foreign exchange companies informed the adviser that people traveling abroad were carrying around $6 million daily.

The delegation of Foreign Exchange Dealers, led by the President of Forex Association of Pakistan, Malik Bostan, called on Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh, here today.

The delegation suggested various measures aiming at improving foreign exchange of the country.

In order to reduce the outflow of dollar, the delegation proposed that the foreign currency limit for people, who are travelling abroad, should be revised.

The representatives of the association mentioned that smuggling of dollar to Afghanistan and Iran is a serious issue and the government agencies should take strict action against such elements who are involved in foreign currency smuggling.

The delegation expressed concern over under invoicing by some importers and suggested that the custom authorities should take over the goods, by auctioning them, of the importers who are involved in under invoicing causing losses to national exchequer.

The delegation also offered its support to improve foreign exchange of the country.

The Adviser assured the delegation that their proposals would be considered positively.

The meeting was attended by Secretary Finance, Naveed Kamran Baloch, Governor State Bank of Pakistan, Dr. Reza Baqir, senior officials of Ministry of Finance and representatives of foreign exchange dealers.

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