SBP said that the Restriction imposed on non-filers related to foreign currency accounts shall not apply on non-resident Pakistanis.
The SBP issued a circular inviting attention of banks to the proviso of sub-section (4) of the Section (5) of the Protection of Economic Reforms Act (PERA), 1992 which, says:
“provided that no cash shall be deposited in an account of a citizen of Pakistan resident in Pakistan, unless the account holder is a filer as defined in the income Tax Ordinance, 2001.”
The SBP noticed that some banks were not allowing non-residents to open and maintain foreign currency accounts on the pretext that they are not appearing as ‘filer’ in the Active Taxpayer’s List of FBR.
“However, it is evident from the aforementioned Proviso that the instructions, contained therein, are not applicable to non-residents,” the SBP said.
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