Islamabad July 20 2023: Senate Standing Committee on Finance and Revenue remarked that 6 to 8 billion dollars of remittances on annual basis come through Hundi business on Thursday.
While discussing the matter of counteract the Hawala /Hundi system, the Committee remarked that 6 to 8 billion dollars of remittances on annual basis come through Hundi business, the committee was of the view that if the State Bank tightens the measures for remittances, It will encourage the increase in Hundi Business.
The Governor of State Bank of Pakistan said that Remittances of 27 billion dollars were recorded in the last financial year, Governor State Bank said that we are attempting to receive all remittances through the banking channel.
The Committee also discussed with the Governor State Bank other matters such as selective opening of the LCs by SBP to import EV cars even after all the restrictions are lifted, and lamented that no practical implementation has been made, similarly on the matter of 19pc interest rate on export refinancing which poses a threat to exporters the Governor State Bank of Pakistan apprised that a new policy has also been introduced for the same which mark-up is 3 percent and can be availed. Moreover, the Committee also discussed the launch of Pakistan first ever digital currency as reported by various newspapers.
The Committee regretted the persistence issue of operationalization of the Board of the Bank which was assured to be operational within 2 weeks since May 2023, however the Committee remarked that no progress can be foreseen in the future.
The meeting was attended by Senator Zeeshan Khanzada, Faisal Saleem Rehman , Kamil Ali Agha and Anwar-ul-Haq Kakar. Senior Officials from concerned departments were also in attendance.