FBR asks banks to provide details of unverified accounts

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ISLAMABAD: The Federal Board of Revenue (FBR) has instructed the banks to provide the details of unverified accounts, sources revealed on Friday.

The revenue board, through a letter to the banks, has sought the details of all unverified bank account details, including those without biometric verifications.

According to sources, the banks were now compiling all necessary information to provide details to the tax department.

Presently, the banks have information of around 54.7 million accounts, of which 85pc were verified.

“The FBR is now pursuing the details of remaining account holders,” a source privy to the development said.

In November last year, the FBR and Pakistan Bankers Association (PBA) had signed an agreement under which the tax department would have access to real-time information of transactions made through the banking system.

Initially, the banks were asked to provide information of financial transactions made during the first half of FY20. These details included cash withdrawal, deposits and payment through credit and debit cards. Through the latest step, FBR can now check the suspected undocumented money in the banking channels.

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