Dar says govt won’t allow illegal money changers to play with country’s destiny

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APP80-02 ISLAMABAD: December 02 - Federal Minister for Finance Senator Mohammad Ishaq Dar talking to press along with the members of the Forex Delears Association. APP

ISLAMABAD, Dec 2 (APP): Finance Minister Muhammad Ishaq Dar on Friday said the government would not allow any unscrupulous element to play with destiny of the country and a crackdown had been against illegal money changers.

“As a result of this crackdown against unscrupulous elements, the rupee dollar parity has improved by rupee one in the last 48 hours”, he said while talking to a delegation of Forex Association of Pakistan here.

The delegation was led by Shaikh Allauddin, Chairman Forex Association
of Pakistan and discussed with the finance minister the issue of smuggling of foreign exchange from the country.

Ishaq Dar said the government did it in past as in 1998 and 2013 and
would correct this unnatural hike this time as well.

He said these unscrupulous elements should mind that one rupee
devaluation cost Rs 57 billion loss to the exchequers which was detrimental to the interest of Pakistan.

The minister mentioned during the meeting that some unpatriotic elements had been involved in forex and bullion smuggling.

He reiterated in unequivocal terms that rupee dollar parity would not be
allowed to be tampered through illegal and unnatural practices, and discipline would be enforced.

The minister shared with the delegation that DG FIA, Chairman Federal
Board of Revenue, Joint -Director Intelligence Bureau and other senior officers concerned had been directed to take strict measures immediately against criminal elements involved in the smuggling of gold and currency.

He stated that FIA, IB, Custom Intelligence and State bank of Pakistan
had been tasked to keep strict vigilance in this regard and all airports and other entry points would be kept under strict surveillance to curb this menace of currency and bullion smuggling.

He reiterated that the government was determined to establish writ of
the State by all means.

Earlier, the forex dealers appreciated steps taken by the agencies which
had resulted in improvement of rupee dollar parity. They assured their fullest cooperation to the Government. They also assured that they would not support any member of their association if involved in this illegal practice. It was expected that the situation would further improve in the coming week, they observed.