Forex Companies to Support Rupee Value Improvement Through Special Plan

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Forex Companies to Support Rupee Value Improvement Through Special Plan

Companies that deal in a foreign currency will travel to other nations, collect US dollars, and transport them to Pakistan.

Exchange companies have decided to travel abroad to collect more dollars to strengthen the value of the rupee and domestic foreign exchange reserves. According to today’s local media reports, Chairman of the Exchange Companies Association of Pakistan (ECAP) Malik Bostan informed Advisor Tariq Pasha and Finance Minister Ishaq Dar of this.

The ECAP chairman informed Dar that exchange companies would enlist the aid of Pakistanis living abroad to help collect money that would subsequently be remitted to the government. Malik Bustan pleaded with the finance minister to increase the supply of dollars in the official market to suppress the illicit market.

It was suggested that First Information Reports (FIRs) be filed against the identities of individuals who send money abroad using hawala or hundi routes. Ishaq Dar gave his consent and pledged to let the Federal Investigation Agency (FIA) know.

It was additionally determined that guidelines would be prepared against people who routinely send money abroad using hawala.

According to Finance Minister Dar, there would be repercussions for individuals who trade in dollars on the illicit market. Misdeclaration by opening transit containers is being extensively regulated, as is the Afghan transit trade.

According to Tariq Pasha, an advisor on finance, cases will be recorded by seizing foreign currency, such as dollars or other currencies, without documentation or an invoice.

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