AVN 65.52 Decreased By ▼ -1.18 (-1.77%)
BAFL 29.72 Increased By ▲ 0.22 (0.75%)
BOP 4.05 Decreased By ▼ -0.03 (-0.74%)
CNERGY 3.57 Decreased By ▼ -0.05 (-1.38%)
DFML 11.56 Decreased By ▼ -0.24 (-2.03%)
DGKC 42.03 Decreased By ▼ -1.17 (-2.71%)
EPCL 45.66 Decreased By ▼ -0.33 (-0.72%)
FCCL 11.60 Decreased By ▼ -0.25 (-2.11%)
FFL 5.78 Decreased By ▼ -0.10 (-1.7%)
FLYNG 5.94 Decreased By ▼ -0.13 (-2.14%)
GGL 10.88 Decreased By ▼ -0.37 (-3.29%)
HUBC 67.40 Decreased By ▼ -0.48 (-0.71%)
HUMNL 5.59 Decreased By ▼ -0.05 (-0.89%)
KAPCO 24.38 Decreased By ▼ -0.47 (-1.89%)
KEL 2.11 Decreased By ▼ -0.02 (-0.94%)
LOTCHEM 24.92 Decreased By ▼ -0.08 (-0.32%)
MLCF 24.58 Decreased By ▼ -0.29 (-1.17%)
NETSOL 74.12 Decreased By ▼ -2.08 (-2.73%)
OGDC 84.67 Decreased By ▼ -1.19 (-1.39%)
PAEL 10.61 Decreased By ▼ -0.44 (-3.98%)
PIBTL 3.91 Decreased By ▼ -0.07 (-1.76%)
PPL 64.81 Decreased By ▼ -1.19 (-1.8%)
PRL 12.74 Decreased By ▼ -0.21 (-1.62%)
SILK 0.87 Decreased By ▼ -0.01 (-1.14%)
SNGP 39.41 Decreased By ▼ -1.34 (-3.29%)
TELE 7.06 Decreased By ▼ -0.42 (-5.61%)
TPLP 14.70 Decreased By ▼ -0.39 (-2.58%)
TRG 107.60 Decreased By ▼ -2.85 (-2.58%)
UNITY 13.37 Decreased By ▼ -0.14 (-1.04%)
WTL 1.20 Decreased By ▼ -0.01 (-0.83%)
BR100 4,040 Decreased By -40.6 (-0.99%)
BR30 14,413 Decreased By -217.8 (-1.49%)
KSE100 39,942 Decreased By -434.1 (-1.08%)
KSE30 14,739 Decreased By -177.2 (-1.19%)
Follow us

ISLAMABAD: The “Sharing of Declaration of Assets of Civil Servants Rules, 2023” allows commercial banks to seek the asset details of civil servants from the Federal Board of Revenue (FBR) before the opening of their bank accounts.

Explaining the new rules, leading tax expert Dr Ikramul Haq told Business Recorder that the International Monetary Fund (IMF) has been demanding from Pakistan for a public declaration of the assets of civil servants.

It has also been insisting to acquire details of the overseas assets of the bureaucracy. In addition to this, the fund has also stressed for establishing an authority that could make the assets of civil servant public. Similarly, the international lender asked to make movable and immovable assets of bureaucrats overseas to ensure transparency and accountability, through an Electronic Assets Declaration System.

Rules notified: FBR, banks can share info about civil servants’ assets

For meeting the condition of the IMF, the FBR has notified the Sharing of Declaration of Assets of Civil Servants Rules, 2022 vide SRO 80(l) 12023 dated February 1, 2023. These rules allow commercial banks to seek the asset details of civil servants before opening their bank accounts.

“It is worth noting that the government has not included the judiciary and armed forces from the purview of the asset declarations. The most powerful and privileged classes are still protected,” Dr Haq said.

Under the rules, FBR is going to share a simplified or abridged version of the declaration—based on the fields agreed with the State Bank of Pakistan (SBP) declared by a civil servant in his electronic declaration filed with the FBR.

Dr Haq further explained that the bank will obtain express written consent from the civil servant of whom the bank intends to access information from the FBR. The bank is required to obtain a certificate from the civil servant as per prescribed format annexed to the rules, duly signed by the person declaring that he is a civil servant of BS-17 and above, with his complete name, designation, employee number and all other particulars that are prescribed in the format.

According to the rules, the head of compliance of the bank is to use a single authorised email address for the request or receipt of a simplified declaration. Each bank must furnish the particulars of four persons for making correspondence with the FBR for seeking data.

In order to keep the data confidential, the authorised officials of the bank will submit a declaration to the FBR that he/ she will maintain the secrecy of the information that will be provided, and it will not be divulged to any person.

In December 2021, the government of Pakistan agreed with the IMF to publicly disclose asset declarations filed by politically-exposed persons, civil servants, and their spouses, Dr Haq added.

Copyright Business Recorder, 2023


Comments are closed.

Aamir Latif Feb 05, 2023 08:31pm
Why armed forces and judiciary excluded..???? Selective rules is highly undesirable, dint make armed fjrves and judiciary holy cows.. Pakistan has enough problems to address, corruption and living beyond means is not only limited bearucracy, but includes armed forces and judiciary.
thumb_up Recommended (0)

‘Rules’ allow banks to seek asset details of civil servants

SBP-held forex reserves increase $280mn, now stand at $4.6bn

KSE-100 ends below 40,000 level amid IMF uncertainty

IMF seeks financial assurances before taking 'next step with Pakistan'

Pakistani professionals struggle with higher costs as economy teeters

LHC extends Imran Khan's protective bail in 5 cases till March 27

Remarks on woman judge: Islamabad court changes Imran’s non-bailable arrest warrant into bailable one

Pakistan’s logistics startup Trax says it has raised $3.7mn in seed funding

Import restrictions: Indus Motor suspends production again

Indian opposition dealt major blow as parliament bars Congress leader Gandhi

Barrister Shehzad Ata Elahi resigns as Attorney-General