The delegation of exchange companies during a meeting with Finance minister Asad Umar raised their concerns over sudden raids by Federal Investigation Agencies (FIA) teams. Director General FIA Bashir Memon.
A delegation of Forex Association of Pakistan (FAP) headed by its president Malik Bostan Khan met the finance minister and the DG FIA and explained both about recent surprise checks by the FIA teams, FAP released statement on Friday.
Malik Bostan Khan said that during past two years incidents of dacoity occurred in which culprits impersonate as army men or policemen and huge amount of foreign currencies looted from the exchange companies.
Bostan urged the Finance minister to define a mechanism to monitor the exchange companies.
FAP president suggested that a representative from State Bank of Pakistan should accompany the FIA team during surprise raids.
“The surprise check should be video recorded to avoid any mishandling,” he further suggested.
FAP president said that the exchange companies should be dealt with respect as those companies were bringing foreign exchange for the country.
“We support government initiatives against money laundering and terror financing,” Malik Bostan said and adding that such elements were sending their black money abroad and this resulted in bad economic condition of the country.
Malik Bostan said that exchange companies were contributing around $200-300 million monthly foreign exchange to the country. If exchange companies are given Rs2 for one dollar then their contribution may increase to $500-700 million monthly.
On the occasion, the finance minister acknowledged the contribution of the exchange companies. He issued instruction to FIA and SBP to evolve a mechanism for surprise checking.
DG FIA also assured the exchange companies of providing full protection.