ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday according to the proposed amendments to the Banking Companies Reporting Rules 2010, asked banks to compile five year records of account holders.
According to the draft of amendments proposed by the FBR, account holders will have to provide their deposit statement information. Moreover, additional information will be required for account holders who deposit Rs10 million or more each month.
Similarly, according to the proposed rules, individuals with monthly credit card bill payments of Rs200,000 or more will also have to provide information.
Furthermore, the FBR has also asked for information from account holders who withdraw Rs1 million or more every month. Such account holders will also have to provide profit on debt statements.
According to the draft of proposed amendments, account holders must provide information on a monthly basis.
The FBR said that it seeks access to banking offices, accounts, documents and computers.
The board further asked banks to nominate an officer within 30 days after the amended law comes into effect. Otherwise, the president or principal officer of the banking company would be considered the banking officer, who would be responsible to provide relevant information to the FBR.
A. O. A……. Nice efforts to updates public as well. Thanks
FBR cannot touch the powerful. This will be to harass and extort money from business community.
Why FBR rules apply only Local People why FBR caught Zardari Nawaz Fazul Rahman big Ali Baba in Pakistan just Pakistani Rules apply on Salary person or overseas pakistani
First step against big chronic corruption.
Wah g wah ..FBR..itself number one corrupt institute of Pakistan…😜
YOU are the one who makes them corrupt
Yes, agreed
First regulate business process then any authority has right to ask or interrogate. Otherwise no one has right to ask about debit or credit of any accout.
Well, FBR is the most pathetic department, and constitutes, the most corrupt officers, which guides the ways of Tax Evasion. They have nothing to worry about Tax Collection for the country, rather just worried about themselves
Banks are their main source of indirect Tax Collection for them, and with this act, they are again trying to gain easy field to play. However, this Will damage the Banking Industry Badly.
FBR should not have the excess to Bank Accounts. It will be disastrous.
Okay fine. I agreed to those steps which are best interest of the country and the nation. Pakistan Zindabad
It’s a good effort to track hidden treasures. 🙂 Best of luck!
Sooner we will be on a stable position.
After this action there will be no business in banking sector in Pakistan and all business communities will runaway
Credit cards payments from now or previous five years?