FBR asks banks to compile five-year record of account holders

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.