Govt to raid homes to look for lost dollars

The federal government is preparing to start raiding residential premises in a bid to recover undeclared dollars possibly stashed in people's homes.

The process will begin once the Finance Bill 2019 has been approved by parliament. According to Federal Board of Revenue (FBR) Member Inland Revenue Policy Dr Hamid Atiq Sarwar, the bill has introduced a provision that allows the FBR to conduct raids on residential premises.

According to the FBR, certain people have been hoarding dollars in their homes and cannot explain where they came from or how they came to acquire them. The government would, as allowed by the new Finance Bill 2019, raid such premises to recover these undeclared dollars and other foreign currencies. The bill has also allowed the FBR to look into any undeclared gold, bearer security or any other foreign currencies that may be undeclared or unexplained.

The provision says that "The Commissioner shall subject to the condition as may be prescribed raid any premises where there is reliable information of undeclared gold, bearer security, or foreign currency and confiscate the same in order to enforce any provision of this Ordinance."