FPCCI supports ban on non-filers to operate FCAs

F.P. Report

ISLAMABAD: The FPCCI on Sunday lauded the government for amendment in the Protection of Economic Reforms Act barring non-filers from operating foreign currency accounts (FCAs).

Now the non-filers will not be able to conduct international transactions which will discourage illegal use of FCAs, it said.

The decision of the government will help curb flight of capital and conversion of the black money into white, said Karim Aziz Malik, Vice President FPCCI and Malik Sohail Hussain, Chairman Coordination FPCCI.

In a joint statement issued here Sunday, they said that Advisor to Prime Minister on Revenue Haroon Akhtar Khan and Chairman FBR Tariq Mehmood Pasha continue to facilitate the business community and take them on-board before critical decisions.

They said that the rules and regulations regarding foreign currency were unclear and fragile which helped corruption, illegalities, transfer of ill-gotten funds abroad, and resulted in serious allegations like terror financing.

Maintaining offshore assets will become difficult while the move will also discourage speculation, reduce the pressure on forex reserves, help bridge widening current account deficit, while it will not hurt home remittances. Malik Sohail Hussain who is also former senior vice president of the ICCI said that commercial banks are holding 6.20 billion dollars and those account holders who want to keep their accounts will have to become filer or withdraw their money.

He said business community is very pleased with the change in the process of total audit. Now a businessman cannot be included in the list of total audit every year.