Government has decided to table the amendment the Foreign Exchange Regulations Act (FERA) 1947 by introducing a bill "FER (Amendment) Act 2019", in the parliament to prevent illegal foreign exchange transactions
Islamabad (Pakistan Point News / Online - 04th April, 2019) Government has decided to table the amendment the Foreign Exchange Regulations Act (FERA) 1947 by introducing a bill "FER (Amendment) Act 2019", in the parliament to prevent illegal foreign exchange transactions.Ministry of Finance has drafted the amendment in this regard , which would empower the State Bank of Pakistan (SBP) to regulate foreign exchange regime in the country more effectively.The proposed amendment was approved by the Federal Cabinet and transmitted to Parliament for enactment. The amendments would substantially strengthen the SBP's powers to issue necessary regulations and instructions relating to inland movement of foreign Currency and enable it to monitor such movement. The measure is a part of government of Pakistan's efforts to enhance the transparency of financial transactions.
