FBR wing initiates probe into suspicious dollar purchases

The Directorate of Intelligence & Investigation Inland Revenue Islamabad of the Federal Board of Revenue (FBR) has started investigations into the suspicious purchases of dollars from the market by undeclared sources of income. Sources said that the investigation targets those individuals who are buying dollars in bulk from market and taking them abroad. This is the first of its kind of major enforcement action against the buyers of dollars purchased form undeclared sources of income. The action also reflects the major enforcement measures against those where declared income is not matching with hefty purchases of foreign currencies.
The Directorate, in this regard, has issued notices to various money changers and currency dealers of Islamabad for obtaining information and details of those individuals who purchased dollars over the threshold of 2,500 during the last two months. Action is intended against those whose declared income is not commensurate with hefty purchases of foreign currencies, especially dollars. Sources have revealed that the Directorate of I&I-IR Islamabad is also considering conducting raids and searches on the residences of a few individuals in Islamabad and surroundings who have reportedly stored huge caches of foreign currencies at homes. It is pertinent to note that the Income Tax law empowers the department to conduct such raids for enforcing the provisions of Income Tax Ordinance 2001, they added.