The Supreme Court of Pakistan is seeking data from State Bank of Pakistan (SBP) of people who sent money abroad. Supreme Court has asked SBP to provide data of those Pakistani nationals who have done transactions in foreign currency of money worth $50,000 or above.
Supreme Court bench led by Chief Justice of Pakistan Mian Saqib Nisar has given orders to the SBP Governor Tariq Bajwa to submit transaction details within one week. Furthermore, the details of the individuals who have done $50000 or above transactions are also demanded.
Supreme Court is taking the issue of illegal transfer of money seriously. It will take action against those who have their banks accounts abroad and have not disclosed them and neither paid taxes.
It was noted that people are sending foreign currency without paying the due taxes. So the whole procedure is illegal. As per court the money is either obtained illegally or is taken as bribe from public contracts. The court concluded that this money creates inequality, disproportion in wages and a gap in society. In turn, it affects the economy of a country.
SBP governor in response to Court’s orders said that ‘that Section 5(3) of the Protection of Economic Reforms Act 1992’ gives protection to the account holders and restricts them from sharing the info with the public. Thus court told SBP to put the information in a sealed envelope.
The Supreme Court of Pakistan is encouraging the Pakistanis to declare their assets abroad. SBP governor feels that there is need to look into the existing rules and agreements of money transfer to find out how money is being sent abroad illegally.
It seems that our justice system is heading in the right direction. Those doing corruption, money laundering & other crimes should be worried as we are moving towards a just & fair society.