FBR to get information of accounts transacting Rs10 million in a month
FBR to get information of accounts transacting Rs10 million in a month
ISLAMABAD (Dunya News) - A draft prepared by the Federal Board of Revenue (FBR) has said that banks will be required to provide information of the account holders who transact Rs10 million per month.
According to the details, government agencies are keeping a close watch on the movement of funds to ensure strict implementation on the Financial Action Task Force (FATF).
The Federal Board of Revenue has prepared a draft to get the information of the people who transact Rs10 million per month from the bank.
Under this, banks will be required to provide information to the FBR on a monthly basis to all such account holders from whose account transactions of Rs10 million have been recorded in a month.
The bank must state when the account was opened and what is an account holder s business. Banks must also inform the FBR about the credit card payments and the residence of the account holder.
Objections to the draft can be submitted within a week. In the absence of objections, the draft will be made part of the law.
