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Former SBP governor concerned over SRO 1035

Former SBP governor concerned over SRO 1035

KARACHI: Dr Ishrat Hussain, former governor of State Bank of Pakistan and IBA Director, has showed his concerns over the proposals given by Federal Board of Revenue to gain access to the information of account holders’ deposits and credit card payments through SRO 1035, sources said.

“The aim of this proposal is to shift people from the organised banking sector. It will not be a positive sign for the banking sector, as the people have 12 to 14 percent access towards banking services,” said Dr Ishrat.

He said, “The cash economy will strengthen and documentation of the economy will be discouraged. There are a number of people who are out of the tax net. Instead of bringing them into the tax net, FBR makes complex rules for the taxpayers.”

He added that this decision, in case it is implemented, will discourage mobile banking and branchless banking transactions, alternative delivery channels and use of credit cards among customers.