The ‘Automated Currency Declaration System’ has been launched on Tuesday by the Federal Board of Revenue (FBR) in collaboration with NADRA and Federal Investigation Agency (FIA) to record real-time incoming and outgoing statistics associated with currency at airports and land ports.
Speaking at this event, Finance Minister Shaukat Tarin commended Chairman FBR and his squad for creating this long-awaited initiative possible in a short period of time. He said that the government is concentrating on the documentation of the economy to widen the tax base.
“This aim can only be achieved through the use of technology and automation with the review of existing procedures and processes,” he commented.
Read more: SBP limits how much foreign currency you can buy in Pakistan
The finance minister further remarked that this digital system was made with the help of NADRA and FIA and will now be installed at all international airports, beginning from Islamabad International Airport. “This new system will be hassle-free and time-saving, one-stop solution for all incoming and outgoing passengers.”
Moreover, he informed that FBR is also functioning on acquiring data from banks and State Bank of Pakistan together with the mixing of currency exchange companies with POS. This will conclude into more reflectivity and capturing information which could then be used for analysis or audit purposes.
The facts gathered through POS and CDS will then be made public with all related agencies including FIA, Customs, SBP, IRS for further required action as per law. This end-to-end visibility of the foreign currency market will make an appearance of steadiness in the market and will also be contributory in answering money laundering and currency smuggling.
Later, the Federal Minister for Finance and Revenue officially launched the ‘Automated Currency Declaration System’ by pressing the button. He applauded all three government organizations – FIA, FBR, and NADRA-for cooperating in unison and kick-starting this important step.
Previously, Chairman FBR elucidated the significance and scope of the ‘Automated Currency Declaration System’.
