FBR tightens monitoring to prevent currency smuggling

FBR tightens monitoring to prevent currency smuggling

ISLAMABAD: The Federal Board of Revenue (FBR) has tightened monitoring to prevent currency smuggling in the wake of free-fall in rupee value against the foreign currencies.

A statement issued on Sunday stated that FBR Chairman Asim Ahmad had instructed customs field formations for stepping up vigilance to ensure monitoring of passengers to stop currency smuggling.

“Building further on its policy of zero tolerance against currency smuggling, Chairman FBR has instructed Customs field formations for stepping up vigilance at airports and land border stations. Concerned Collectorates to ensure monitoring of all inbound and outbound passengers,” according to a Tweet.

The US dollar has continued momentum of appreciation against the Pakistan Rupee (PKR) in the interbank foreign exchange market.

READ MORE: Rupee falls for 8th straight day; dollar hits Rs192.53

The rupee fell for the eight straight days to the record low of Rs192.53 to the dollar on May 13, 2022. The fall in rupee value may be attributed to fall in foreign exchange reserves and high payments for imports. However, some believed the unrecorded outflow of foreign currency also depressed the foreign exchange market.

Previously, the FBR on September 24, 2021 issued a clarification rebutting the reports of currency smuggling from Pakistan to Afghanistan.

READ MORE: FBR rebuts currency smuggling to Afghanistan

In the statement, the FBR categorically rebutted the unfounded, malicious intent and misleading in content propaganda being advanced by some irresponsible elements that there was a huge flight of dollars from Pakistan.

It is further clarified that previously the bilateral trade between Pakistan and Afghanistan was carried out in US Dollars but now the same is being conducted in Pak Rupees (PKR).

Furthermore, FBR has taken very stringent enforcement measures at the Airports to eliminate the possibility of any such an unethical practice.

Pakistan Customs has made it mandatory for all passengers flying out of the country to undergo thorough personal scrutiny and 100 per cent declaration of currency through an automated process in order to ward off this nefarious illegal activity. This leaves the little possibility of the subject undesirable practice.

READ MORE: Multan customs auctions smuggled diesel oil on May 18, 2022

It is most likely that Chairman FBR and Member (Customs Operations) will visit the Pak-Afghan border to oversee the functioning of the above mechanism on the ground.

It is further reiterated that this transparent and efficient mechanism being adopted at all the airports across Pakistan is facilitating the smooth and easy movement of outbound passengers, thus significantly reducing their time and cost.