Illegal Currency Thrives in Real Estate Deals

Illegal Currency Thrives in Real Estate Deals

Islamabad: Illegal currency business is thriving in the deals pertaining to the real estate sector. In instances, when these entities were intercepted, they presented the clarification that this amount was lawfully obtained as a result of real estate deals. They presented the claim that the purchaser of their landed property was an overseas Pakistani who made the payment in the said foreign currency rather than the Pakistani currency. However, the district authorities denied any such claim when approached to verify the deals. The authorities did not mention any such record of the said deals in the office of the Sub-Registrar.
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It must be noted that the State Bank of Pakistan (SBP)has already issued guidelines for the launch of new banknotes to control illicit currency transactions and business. These guidelines are released as per the “Protection of Economic Reforms Act”. According to this policy, any person in possession of foreign currency must have proof of acquisition of the currency through the proper channel. This will be implied for a currency amount over $10,000.
A person failing to prove these requirements will be subject to lawful action under the mentioned Protection of Economic Reforms ACT and Anti-Money Laundering Act. Any other pertaining law may also be applied. It must be noted that any business deal to be conducted in foreign currency must have proper approval from the State Bank of Pakistan.
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