Zaidi said that the flexible laws regarding the foreign currency helped the people to launder money
Federal Board of Revenue (FBR) Chairman Shabbar Zaidi stressed that the prices of the property would go down in the coming days. These remarks were made while he was briefing the National Assembly’s Standing Committee on Finance, on Tuesday.
He briefed the committee over assets declaration scheme and said that the core focus of the scheme was not to collect revenue but to document the economy.
He said that the amnesty scheme has allowed FBR to interrogate the means of income of anyone who remits more than Rs. 5 million in the country. Earlier, the limit was Rs. 10 million.
Zaidi remarked that there was boom in the real-estate sector only when the corruption in Pakistan was on its peak.
The FBR chairman said “Property buyers with the white money were never substantial in numbers.”
He claimed that the prices will go down again when the implementation of new laws would take place which would make it challenging to buy a property with black money.
The meeting was headed by the former finance minister Asad Umar. The ways to introduce interest-free banking system in the country were also brought to discussion.
The committee then directed the State Bank to come up with recommendations in this regard. Before that, the FBR chairman briefed the Senate Standing Committee on Finance on the Finance Bill 2019-20.
Headed by Senator Farooq H. Naik, the committee was informed that in the last 40 years, a whopping sum of 40 billion dollars had been money laundered from the country.
Zaidi also stated that the flexible laws regarding the foreign currency helped the people to launder money, while the money changers and exchange companies are also to be blamed for the colossal loss.
Shabbar Zaidi informed the committee that his department is taking corrective measures which will reduce the ways of money laundering in the country.