Money Transferred Abroad By Pakistan In One Year
Money Transferred Abroad By Pakistan In One Year: During the financial year 2016-17 a huge sum of $15.253 billion was transferred abroad by individual account holders in Pakistan through normal banking channels.
This has been revealed in an eight-page written order in a suo motu case pertaining to retrieving the alleged ill-gotten money from foreign accounts.
The three judge bench, headed by Chief Justice of Pakistan Mian Saqib Nisar in its order has noted that the court on March 26 constituted a committee of 12 experts comprised of Governer State Bank Tariq Bajwa, Chairman FBR Tariq Pasha, Additional Attorney General Mohammad Waqar Rana, senior lawyer Khalid Anwar, Advocate Ikramul Haq, Finance Secretary Arif Ahmed Khan, Shabbar Zaidi, Mehmood Mandiwala, Bashir Ali Muhammad, Tariq Paracha, Nisar Muhammad Khan.
According to the order, the report has highlighted that during the financial year 2016-17 a huge amount, US$15.253 billion, was transferred abroad by Pakistani citizens through normal banking channels. The committee also suggested that during the said period a substantial amount of transfers took place from Pakistan under unauthorized and undocumented Hundi and Hawala mechanisms.
Both types of outflows have a huge impact on the stability of foreign exchange reserves of the country and adversely affect exchange rates of the Pakistani Rupee. Also as a result, the national economy becomes vulnerable to pressure due to foreign currency obligations and can suffer undue and disruptive inflation eventually draining the exchequer of substantial amounts of tax on account of escaped income and wealth.
Earlier, the committee in its report had noted that the experience of incentive schemes floated in other jurisdictions to encourage voluntary disclosure of foreign assets. These include schemes initiated in the recent past in Italy, India and Indonesia. It is stated that the Tax Amnesty Scheme, 2016 offered in Indonesia was highly successful and the Committee supported its emulation in Pakistan.
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