SC orders SBP to submit report on foreign currency transactions

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SC orders SBP to submit report on foreign currency transactions

ISLAMABAD: Supreme Court directed State Bank of Pakistan to submit sealed report on all foreign currency transactions above $50,000 from Pakistan during 2017-18, within seven days.
A three-judge bench, headed by Chief Justice Mian Saqib Nisar, passed the directions while hearing a suo moto notice pertaining to foreign bank accounts owned by Pakistani citizens.
During course of proceedings, the chief justice remarked that PTI leader, Jahangir Tareen transferred millions of dollars from Pakistan and made assets abroad.
The CJ said progress of the country depended on foreign assets and water.
He pointed out that the SC should know about Pakistani citizens, holding accounts and properties in Switzerland.
Policies were made just to get own benefits so the money easily could be transferred to abroad however recent aim behind this move of the court was to take advantage of the amnesty scheme before September, the CJ added.
Justice Umer Ata Bandial said that government should take steps for bringing back Pakistani assets.
Later, the bench adjourned further hearing of the case for a week.

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