Zafar Paracha General Secretary Exchange Companies Association of Pakistan (ECAP) on Thursday appreciated efforts of Finance Minister Senator Ishaq Dar and Ashraf Mahmood Wathra Governor State Bank of Pakistan (SBP) for setting up modalities for funding of Non-LC imports.
Recently, in a meeting chaired by Finance Minister Senator Ishaq Dar and attended by senior officials of the FBR and SBP regarding the source and modalities for funding of Non-LC imports are declared by the importers of various goods into Pakistan (at the time of imports) and measures have planned with the objective to ensure that payments are made through banking channels.
It was a result of a landmark decision taken at meetings held between Finance Minister, Ishaq Dar and Ashraf Mahmood Wathra Governor SBP and ECAP representatives at Karachi and Lahore. The finance minister and the Governor SBP implemented their commitments made with ECAP.
Paracha said that on behalf of ECAP members we hope that the remaining issues like Permission of Commercial TT also be resolved by the Governor SBP which will lead to increase the home remittance from $12 billion to $18 billion, increase the foreign exchange reserve from $20 billion to $30 billion and discouraged the money laundering, durg money, smuggling and terrorism financing which are harmful of any country. Furthermore, he said that the decision taken by the Federal Minister and Governor SBP will helpful to eradicate the menace of 'Hundi and Havala' which are major cause of illegal outflow of foreign currency. "It will also supportive to enhance the economic activities in the country which will be helpful to maintain the currency value", Paracha said.-PR
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