Senate Standing Committee on Finance called for the auctioning of non-custom paid vehicles seized across the country. These vehicles are currently accumulating in various Customs Collectorates, and the committee opined that their auction would not only free up space but also generate revenue.
The FBR officials confirmed that there were no plans for an amnesty scheme for the clearance of non-custom paid vehicles, fearing that such a scheme would encourage smuggling.
The meeting of the Senate Standing Committee on Finance was held under the chairmanship of Senator Saleem Mandwalla today, where committee members also discussed the issue of counterfeit currency notes.
The committee addressed the issue of counterfeit currency notes circulating in the market, particularly focusing on fake Rs. 1,000 denomination notes. The committee members expressed concern over counterfeit currency being dispensed by ATMs.
A meeting of the Senate Standing Committee on Finance was held under the chairmanship of Senator Saleem Mandviwalla today, where committee members discussed the issue of counterfeit currency notes.
The committee addressed the issue of counterfeit currency notes circulating in the market, particularly focusing on fake Rs. 1,000 denomination notes. The committee members expressed concern over counterfeit currency being dispensed by ATMs.
SBP Governor Jameel Ahmad assured the committee that new security features would be introduced in currency notes to combat counterfeit production and also revealed plans to introduce polymer currency notes in the future.
In response to concerns raised by committee members, the governor highlighted that polymer notes have a longer lifespan, which would contribute to their durability. However, the committee suggested the introduction of plastic currency as a measure to discourage the production and circulation of fake currency.
It is pertinent to mention here that SBP, over the years, has worked on feasibility of polymer notes. The cabinet, in its meeting held on 17-05-2022 considered the proposal of Finance Division for issuance of commemorative polymer banknotes on the 75th anniversary of Independence of Pakistan and SBP’s founding.
However, the prime minister, citing the economic challenges and foreign exchange crunch at the time rejected the proposal and subsequently SBP issued both the banknotes on cotton-based paper substrate.
During the meeting, the committee chairman discussed the massive under-invoicing discrepancy worth $8 billion in import-export transactions. He pointed out that invoicing was being done for items on which duties were not applicable. In this regard, the Federal Board of Revenue Chairman said an investigation is underway to resolve the matter.
Efforts were also revealed to be in progress to exchange import-export data with China due to a significant gap of $3-4 billion in trade volume between the two countries. This discrepancy was evident in exports from China to Pakistan, which were showing a shortfall of $3-4 billion.
The committee directed an inquiry into this matter as well, aiming to address the discrepancies in import-export statistics with China and other countries.
