Quantcast
Saturday , October 21 2017
Breaking News
Home / Islamabad / FBR, CAA directed to implement currency declaration for passengers
FBR, CAA directed to implement currency declaration for passengers

FBR, CAA directed to implement currency declaration for passengers

ISLAMABAD: Finance Division has directed the Federal Bureau of Revenue (FBR) and Civil Aviation Authority (CAA) to implement currency declaration of $10,000/person for incoming passengers.

The Finance Division issued directives after consultation with the State Bank of Pakistan. Sources said that the suspicious transaction reports (STRs), having connection with smuggling and Afghan Transit trade business, are being disseminated to FBR for further inquiry. Threshold of reporting of cash-based transactions reduced gradually, they added.

Ministry of Finance through notification also lowered currency transaction report (CTR) indicating threshold from Rs 2.5 million to Rs 2 million. The sources said under regulatory controls, banks cannot provide any banking services to proscribed entities/persons or to those who are known to be associated with them.