these deposits fell slightly and stood a shade below.9bn, SBP statistics show. It aims at blocking possibilities of money laundering and capital flight, the purpose of the second move is not that clear to ordinary account holders. Pakistani currency totalling over Rs500,000 was also recovered. Holders of foreign currency accounts are actually facing this situation. You also need to provide proof of income/profit/loss at the time of income tax return filing. Is Forex trading is legal in Pakistan? Finance Minister Miftah Ismail had not mentioned in his budget speech that feeding of foreign currency accounts of resident Pakistanis would not be allowed via purchases made from the open currency market in Pakistan.
Published in Dawn, The Business and Finance Weekly, May 28th, 2018. Trading of commodities is also allowed and legal but you need to obey secp State Bank of Pakistan rules and regulations. And, they have shut the doors on feeding of these accounts through foreign exchange purchased from the open currency market. Whereas the rationale for the first move is obvious.e.
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Do you agree or not? On a mobile phone? The Following 7 Users Say Thank You to muhammadlakhani For This Useful Post: Khan70 ( NawazAwan peno ( Phooljan ( ProjectIGI ( usama26 ( ) :27 PM #2, as per my knowledge Foreign Exchange or Forex trading is not allowed. The agency identified the suspects as Habibullah and Shah Mohammad. Growth of foreign currency accounts of resident Pakistanis is important for banks as they draw upon them for financing external trade, maintaining cash reserves with the SBP against forex holding and for short-term lending and borrowing in foreign currency in the interbank market. Such currencies includes US, JPY, CNY, SAR, AED etc. After recent amendments in the laws governing foreign exchange management, tax evasion and money laundering via foreign currency accounts has become quite difficult to get away with. quot; kar kay jawab den Thanks The Following 2 Users Say Thank You to wajidali For This Useful Post: peno ( usama26 ( ) :53 PM #9 agar forex legal nai hota to pakistan orum kabi na banta.pehle ye pakistan mai leagal nai tha lekin. Answer is both Yes. Influential people involved in tax evasion, money laundering and capital flight will no longer be able to use their front-men, usually non-tax payers, to continue to feed their foreign currency accounts indirectly.