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Commission for curbing smuggling of foreign currency

Commission for curbing smuggling of foreign currency

ISLAMABAD: One-man Commission on ‘smuggling of arms and ammunition’, while taking steps to curb transferring of foreign exchange through hundi/hawala, has recommended a currency declaration form for all outgoing international passengers.

The Commission, headed by former FBR Member Customs Ramzan Bhatti, has suggested making it mandatory for all outgoing international passengers to declare the foreign currency that they are taking out of the country.

The sources said that it is a considered opinion of the commission that the actual foreign exchange remittances by the overseas Pakistanis are much more than those shown in official record. They said that the money changers in every nook and corner of the country are selling the foreign exchange not only to local buyers, but also transferring it to other countries through hundi/hawala.

The government has authorised some of the big foreign exchange dealers to transfer the foreign currencies other than USD to UAE and other foreign destinations for the purpose of conversion and remittance of equal amount in USD. For the purpose a booth has been established at the Jinnah International Airport (JIAP), Karachi. Previously, Customs had to seize foreign currency being taken out either against the already utilised authorisation or in excess of the authorisation. This scheme needs to be reviewed because many Pakistanis who travel to Saudi Arabia or other Gulf Countries require the currency of the country of destination. They suffer loss by purchasing dollars in Pakistan and getting the same converted in that country’s currency, sources said.