FBR directs all chief collectors to surrender confiscated foreign currencies to NBP

Islamabad: The Federal Board of Revenue has directed All Chief Collectors of Customs to surrender confiscated foreign currencies to those branches of National Bank of Pakistan (NBP) that are dealing in foreign exchange.

Sources said FBR has written a letter to All Chief Collectors of Customs with regard to a new mechanism for authentication of confiscated foreign currencies.

The letter asks for attention to be given to this by the State bank of Pakistan (SBP). According to new mechanisms, foreign currencies confiscated by law enforcement agencies or other government departments should be surrendered directly to branches of NBP for realization/authentication and onward credit to appropriate accounts.

The new process is aimed at streamlining the handling of these currencies and making the overall operation more efficient.

Earlier, Pakistan Customs used to submit confiscated currency directly to the SBP.