The Finance Ministry has proposed to amend the Foreign Exchange Regulations Act (FERA) 1947 by introducing a bill "FER (Amendment) Act 2019 with the objective to prevent illegal foreign exchange transactions. The Ministry of Finance has proposed to amend the Foreign Exchange Regulations Act (FERA) 1947 by introducing a bill "FER (Amendment) Act 2019", in the National Assembly to empower the State Bank of Pakistan (SBP) to regulate foreign exchange regime in the country more effectively, says a press release issued here on Thursday.
The proposed amendment has been approved by the Federal Cabinet and transmitted to Parliament for enactment. The amendments would substantially strengthen the SBP's powers to issue necessary regulations/instructions relating to inland movement of foreign currency and enable it to monitor such movement. -PR
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