ISLAMABAD, April 4 (APP):In order to prevent illegal foreign exchange transactions, Ministry of Finance Thursday proposed to amend the Foreign Exchange Regulations Act (FERA) 1947 by introducing a bill “FER (Amendment) Act 2019”, in the National Assembly. The move was aiming at empowering the State Bank of Pakistan (SBP) to regulate foreign exchange regime in the country more effectively, a press release said. The proposed amendment has been approved by …
Finance ministry proposes amendment in FERA Act
ISLAMABAD, April 4 (APP):In order to prevent illegal foreign exchange transactions, Ministry of Finance Thursday proposed to amend the Foreign Exchange Regulations Act (FERA) 1947 by introducing a bill “FER (Amendment) Act 2019”, in the National Assembly.
The move was aiming at empowering the State Bank of Pakistan (SBP) to regulate foreign exchange regime in the country more effectively, a press release said.
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.
The measure is a part of government of Pakistan’s efforts to enhance the transparency of financial transactions.
