Islamabad December 18 2024: Pakistan’s National Assembly plans to restrict non-filers from purchasing real estate, opening bank accounts, and investing in mutual funds.
Individuals or entities authorized to sell securities — including debt instruments or mutual fund units — or those authorized to open, manage, or clear such transactions, are prohibited from conducting these activities for non-filers, whether individuals or associations.
Any application or request from non-filers for the registration, recording, or transfer of immovable property exceeding a threshold set by the FBR in a given tax year will not be accepted or processed by the relevant authorities.
Banks will be restricted from opening or maintaining current or savings accounts — including investor portfolio securities accounts — for individuals identified as non-filers, with the exception of Asaan accounts.
Non-filers will be restricted from making cash withdrawals exceeding limits set by the Board from any bank account.
Non-filers will be allowed to purchase the following with potential limitations set by the Board.
(a) Rickshaws, motorcycle rickshaws, or tractors,
(b) Pickup vehicles with engine capacities of up to 800cc,
(c) Trucks and buses, subject to specified conditions,
(d) Securities investments within limits defined by the Board.
