{"id":83601,"date":"2022-02-03T11:17:15","date_gmt":"2022-02-03T06:17:15","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=83601"},"modified":"2022-02-03T11:17:15","modified_gmt":"2022-02-03T06:17:15","slug":"fbr-automated-cash-declaration-system","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-automated-cash-declaration-system.html","title":{"rendered":"FBR introduces \u2018Automated Cash Declaration System\u2019 to track currency circulation"},"content":{"rendered":"\n

Islamabad: The Federal Board of Revenue (FBR) introduced Pakistan’s first ‘Automated Cash Declaration System’ on Tuesday (February 01) to track foreign currency at airports\u2019 arrival and departure points beginning with Islamabad International Airport, news sources reported. The Federal Investigation Agency’s (FIA) system will use National Database and Registration Authority (NADRA<\/a>) data to track passengers at key airports and border crossings.\u00a0<\/p>\n\n\n\n

Read: <\/strong>FBR again extends deadline to implement property valuation rates<\/a><\/p>\n\n\n\n

According to reports, Finance Minister Shaukat Tareen stated in a tweet that data obtained through Point of Sales (POS) and cash declarations (CDs) will be shared with all relevant authorities, including State Bank of Pakistan (SBP), FIA, Customs, and Inland Revenue System (IRS), for further legal action. The minister further stated that the FBR is working on an integrated system with currency dealers to gather data and share it with the SBP to assist documentation of the economy and tracking money circulation.\u00a0<\/p>\n\n\n\n

Read: <\/strong>FATF Conditions: FBR imposes more restrictions on registered real estate agents<\/a><\/p>\n\n\n\n

Furthermore, he stated that the system will provide end-to-end surveillance of the foreign currency market and a semblance of market stability, as well as assist in the fight against money laundering and currency smuggling.<\/p>\n","protected":false},"excerpt":{"rendered":"

Islamabad: The Federal Board of Revenue (FBR) introduced Pakistan’s first ‘Automated Cash Declaration System’ on Tuesday (February 01) to track foreign currency at airports\u2019 arrival and departure points beginning with Islamabad International Airport, news sources reported. The Federal Investigation Agency’s (FIA) system will use National Database and Registration Authority (NADRA) data to track passengers at key airports and border crossings.\u00a0 Read: FBR again extends deadline to implement property valuation rates According to reports, Finance Minister Shaukat Tareen stated in a tweet that data obtained through Point of Sales (POS) and cash declarations (CDs) will be shared with all relevant authorities, including State Bank of Pakistan (SBP), FIA, Customs, and Inland Revenue System (IRS), for further legal action. The minister further stated that the FBR is working on an integrated system with currency dealers to gather data and share it with the SBP to assist documentation of the economy and tracking money circulation.\u00a0 Read: FATF Conditions: FBR imposes more restrictions on registered real estate agents Furthermore, he stated that the system will provide end-to-end surveillance of the foreign currency market and a semblance of market stability, as well as assist in the fight against money laundering and currency smuggling.<\/p>\n","protected":false},"author":83,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[50951,19230,50953],"persona":[],"class_list":{"0":"post-83601","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fbr-introduces-automated-cash-declaration-system-to-track-currency-circulation","9":"tag-federal-board-of-revenue-fbr","10":"tag-first-automated-cash-declaration-system","11":"cat-15015-id"},"acf":[],"yoast_head":"\nFBR introduces \u2018Automated Cash Declaration System\u2019 to track currency circulation - 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