The State Bank of Pakistan (SBP) has introduced new regulations requiring biometric verification for all transactions over $500 at exchange companies. This measure is part of a broader strategy to stabilize the foreign exchange market as reported by The News.
Officials from the central bank, during a meeting with the Special Investment Facilitation Council (SIFC) Apex Committee on January 3, 2024, disclosed these new rules. The decision comes in response to Pakistan’s dollar crisis, fueled by inadequate exports and remittances and the extensive use of dollars for import financing. The situation has also led to the illegal hoarding of US dollars.
Significant changes have been made to the US dollar purchase limits. For travel, the maximum purchase amount is now $5,000 per transaction, reduced from the previous limit of $10,000, and the annual limit has been cut from $60,000 to $30,000. Additionally, any purchase of $2,000 or more requires payment directly from the buyer’s Pak Rupee account.
Individuals are now limited to purchasing $10,000 in US dollars per day, with an annual limit of $100,000. To enforce these rules, the Federal Investigation Agency will collaborate with the SBP and other entities to target illegal foreign exchange operations.
These reforms are set to be formally announced after their approval in the upcoming SIFC meeting. This initiative is a continuation of the government’s crackdown on dollar smuggling and hoarding, which intensified when the dollar’s value exceeded 300. The Ministry of Interior has identified groups involved in these illegal activities, some of which are linked to government officials.
Its totally rubbish that PROVEN CULPRITS OF MONEY 🤑💰 LAUNDERERS which are
SHOE BAAZ SHAREER 🐷 SHOE 👠 POLISH
CULPRIT NAEE BAAZ SHAREER 🐷 WHO IS NOT ACQUITTED BY SUPREME COURT FROM MONEY 🤑💰 LAUNDERING & HOW AVEN FIELD APARTMENTS PURCHASED
CHIEF JUSTICE Q FAEZ ESSA WIFE COULD NOT PRODUCE MONEY 💰🤑 TRAIL HOW SHE BOUGHT PROPERTY IN LONDON ENGLAND
HOW ASIF A ZORWARI BOUGHT PALACE IN DUBAI UAE
CYCLE MECHANICS I DAR FRAUD MINISTER OF PML N SONS HOW BOUGHT PROPERTIES IN DUBAI LONDON
ALL THROUGH MONEY 🤑💰 LAUNDERING BUT NO ACTIONS
just another smoke screen, behind the scenes its really a boot polishing service.
l help you
Topi drama. When money launderers are sitting in government under Bajwa/Munir quasi-Martial Law arrangements, the intention will never be to curb money laundering or tighten FX controls. These are just smoke screens.
1000
PT office should monitor the comments to ensure that enemy media does not poison our minds.
Good measures. Actions should be take against over invoice imports & Afghan Transit.
why don’t increase your export instead of taking such stupid actions.
These rules are only for the common man. For the ‘uncommon man’ there are no rules, no finger prints, no limits……..
Beneath the surface are only shocking realities. Continue fooling the nation.
first this Non Sense Govt and FIA need to totally Showdown Hundi/Hawala and illegal Money Changers from whome FIA take monthly Bribe Openly. they are just pushing Exchange Companies to the Wall by these type of rubbish Rules and not Controlling those who are Buying Currency without ID card and Smuggle them to Afghanistan etc
Ye jitna bhi,, tanqeed kar rahay hein,, inn sab ko bitha do doller policy making aur decision making mein,, ye paida he tanqeed kyleye huway hein,, ye paidaishi Kay waqat say tanqeed kar rahay hein,,
Haay nurse ny mujhy paidaishi Kay foran baad achi tarah saaf nahi kiya,, pani thanda tha etc..
Inn ko tanqeed ki ghotti pilai gai hai,,,
its just smoky screen strategy….
play with local persons…not money’s smuggler even they don’t have any proof of ID….