Govt urged to take action against smuggling of foreign currency

ISLAMABAD: A delegation of the foreign exchange dealers, led by Forex Association of Pakistan President Malik Bostan, called on Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh on Tuesday to suggest various measures aimed at improving the foreign liquid reserves of the country.

The association representatives stated that the smuggling of dollars to Afghanistan and Iran was a serious issue and the government agencies should take strict action against the elements who were involved in foreign currency smuggling.

The delegation informed that the people travelling abroad take out $6 million per day from the country, adding that in order to reduce the outflow of the dollar, foreign currency limit for the people travelling abroad should be revised.

The delegation expressed concern over under-invoicing by some importers and suggested that the customs’ authorities should confiscate the goods and auction them, as under-invoicing causes grave losses to the national exchequer.

The adviser assured the delegation that their proposals would be considered positively. The meeting was attended by Finance Secretary Naveed Kamran Baloch, State Bank of Pakistan Governor Dr Reza Baqir, senior officials of the Ministry of Finance and representatives of foreign exchange dealers.


  1. Our policy makers are so ignorant of the fact that some one has to remind them to reduce foreign exchange limit. India has it for 5000$,ehile we the dollar starved nation is setting this limit to 10000$.smuggling, under invoicing all are well known causes. But we need Malik Boostsn to remind our worthy finance minister of those facts. In fact all those money changers are themselves highly corrupt and totally involved in dollar drainage. Why cannot we get rid of them all and do the foreign currency business through banks for better control and accountability.

  2. Foreign exchange dealers should remain stop in dealing USD currency and other commodity too. The very good proposition is “Banks are to be allowed to deal in USD dollar only instead of Foreign Exchange dealers.

    such drainage to be stop in this way also.

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