FBR and Banks have finalized modalities for sharing the depositors’ data. The banks will start providing information in respect of cash withdrawals, deposits, credit card payments and profit on debt to the FBR through an IT solution developed by the FBR. This technical solution will provide interface to banks through which banks will share the relevant information with the FBR in real time. In Aug’20, the FBR issued draft rules under the Finance Act 2020 for seeking information from banks about persons who deposited PKR 10Mn in account or more in a month or made credit card payment of PKR 200,000 on monthly basis.
25/9/2020