Tuesday, January 19, 2021

Pakistan to introduce FER act 2019 for financial transactions transparency

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

In order to prevent illegal foreign exchange transactions, Ministry of Finance has proposed to amend the Foreign Exchange Regulations Act (FERA) 1947 by introducing a bill “FER (Amendment) Act 2019”, in the National Assembly to empower the State Bank of Pakistan (SBP) to regulate foreign exchange regime in the country more effectively.

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The proposed amendment has been approved by the Federal Cabinet and transmitted to Parliament for enactment.

The amendments would substantially strengthen the SBP’s powers to issue necessary regulations/instructions relating to inland movement of foreign currency and enable it to monitor such movement.

The measure is a part of government of Pakistan’s efforts to enhance the transparency of financial transactions.

 

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]
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