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Automated Cash Declaration System to Track Currency Circulation Initiated by FBR

Islamabad: The Federal Board of Revenue (FBR) launched the country’s first automated cash declaration system. Beginning with Islamabad International Airport, this new system will let airports track foreign cash at entry and exit points.

Read: Six New Dams to Be Built in Rawalpindi in 2022

According to the reported news, Finance Minister Mr. Shaukat Taren tweeted that all relevant authorities will have access to data collected through Point of Sale (POS) and cash declarations (CDs). The State Bank of Pakistan (SBP), the Federal Investigation Agency (FIA), Customs, and the Internal Revenue Service (IRS) will take additional action.

Read: Scheme to Reward Pos-integrated Tier-1 Retail Shoppers Launched by FBR

Mr. Tareen stated that the FBR is developing a unified system for currency dealers to collect data that will be shared with the SBP to aid in the documentation of the economy and the monitoring of money circulation. The technology will provide comprehensive surveillance of the foreign exchange market. This appearance will lead to market stability and aid in the battle against money laundering and currency smuggling.

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