ISLAMABAD: The federal government is set to launch a crackdown against those involved in the hawala and hundi business, undermining dollar-rupee exchange rate, remittances, and economy as well.
Federal Minister for Finance Senator Muhammad Ishaq Dar disclosed this in a meeting on Monday. Prime Minister’s Special Assistant on Economy Tariq Pasha, finance secretary, officials of the Federal Investigation Agency (FIA) and representatives of foreign currency dealers attended the meeting in Islamabad.
Finance Minister told meeting that the National Security Committee has also endorsed a strict action against those involved in illegal business of foreign currencies.
The government also decided to discourage smuggling of dollars from Pakistan to Afghanistan strictly, he said.
Ishaq Dar told the meeting that the government would be cracking down on those involved in these practices and take a stern action against the service providers and the beneficiaries.
Finance Minister also said that government would take up with Afghan government the issue of under-invoicing of Afghan transit trade goods to protect the national economy.
Dar also urged the foreign currency exchange dealers to bring more dollars to the country from abroad.
In the meeting, currency dealers vowed to enhanced the supply of US dollars in open market to rduce gap between the open market rates and inter-bank rates and put an end to black market.
I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.
