Banks have been instructed to prohibit transactions equal to or more than $50,000 from actual amount payable before the enforcement of international agreement relating to exchange of information about bank accounts and tax data, said the FBR.
This measure aims to stifle outflow of foreign exchange from Pakistan. FBR has further directed banks to submit final statements of all financial accounts of companies equal to or less than USD 250,000 by December 31, 2017.
FBR has also ordered the banks to recompile trading data of money market which include checks, treasury bills, saving certificates, moveable and immovable assets details, foreign direct investment, portfolio investment, shares of listed companies in equity markets, bonds, commodity swaps, insurance contracts, annuity contracts, pension funds and transactions of credit cards.
Once the completion of said directives is ensured, it would allow Pakistan in sharing data immediately with friendly countries, said the FBR.
