FBR Eases Transaction limits for Non Filers for Property and Car Purchase

The government of Pakistan and the FBR proposed to ban current accounts and savings accounts of non-filers in Pakistan. However, the Senate Standing Committee on Finance, including the NA Standing Committee, did not agree with such a measure that would block non-filers' accounts, could purchase property without filing, and could not purchase a car even without filing. FBR was of the view that they needed to document all black money; however, lawmakers said that these kinds of measures are not witnessed in any country. 

According to the new rules set by the government, non-filers would be allowed to purchase cars up to only PKR 7 million and property up to PKR 50 million only, and commercial plots can be purchased by the non-filer up to PKR 100 million. Non-filers can also invest in stock, which will be up to 50 million PKR, and they will be able to maintain a bank account of up to 100 million PKR, and if the limit is exceeded, then it will be reported by the bank to the FBR. 

Moreover, people were really worried that such a measure would only create a mess in Pakistan and many people would withdraw their money from their bank accounts; however, such measures were stopped by the Senate and NA committees. Therefore, now there are some relaxations for the people of Pakistan.