Cash currency smuggling: Proposed law seeks to increase penalties
The government has promulgated Tax Laws (Second Amendment) Ordinance 2019 for major increase in penalties on cash currency smuggling, ranging from $10,000- $200,000 and above, up to fine of ten times of value of currency and imprisonment up to 14 years depending on the amount of currency seized under different categories/slabs.
Briefing the media at FBR’s Headquarters here on Wednesday, FBR Member Inland Revenue (Policy) Dr Hamid Ateeq Sarwar, FBR Member Customs (Policy) Javed Ghani and FBR Member IT Asim Ahmed stated that the Presidential Ordinance has been promulgated and it would be laid down before the National Assembly on Thursday (today).
Penalties have been considerably increased for smuggling of dollars, precious stones and jewelry under the said Ordinance.
Dr Hamid Ateeq Sarwar said that being a finance bill, there is no problem to pass it from National Assembly but keeping in view the requirement of Financial Action Task Force (FATF), the government has immediately promulgated Tax Laws (Second Amendment) Ordinance 2019.
Related Posts
PS5s, iPhones, Laptops Worth 2.5 Crores Seized By Delhi Customs, Items Were Misdeclared as Household Goods
Delhi Customs ACC Export Commissioner has seized iPhones, PS5s, and laptops worth...
iBan? Iran wants to put an end to iPhone smuggling by banning product altogether
Regardless of whether it’s through the use of Twinkies boxes, slingshots,...
Six held for smuggling in 14 kilos of gold, valued at ₹7 crore, from Myanmar.
With the arrest of six men -- from Delhi, Bihar and West Bengal -- the...
Shisha seizure in £60k Coventry tobacco haul
Illegal tobacco worth more than £60,000 has been seized in raids across Coventry....