Islamabad: The Finance Ministry had proposed to amend the Foreign Exchange Regulations Act (Fera) 1947 by introducing “FER (Amendment) Act 2019.” The proposed amendment has been approved by the Federal cabinet and sent to the parliament for implementation.
The respective act is intended to strengthen the State Bank of Pakistan (SBP) to issue regulations on the flow and monitoring of foreign currency. It will also enhance transparency of financial transactions, fight terror financing and money laundering.
Amendments to the existing Fera 1947, will empower SBP to make further rules for the application on outflow of funds, said Finance Minister Asad Umar.
For news and updates keep on visiting Graana blog
Kalabagh, a small yet historically significant town in Pakistan’s Punjab province, is located within the…
Nazimabad Number 2 is a well-known neighbourhood in Karachi, Pakistan, renowned for its vibrant community,…
Quetta Town is a residential neighbourhood located in the vibrant city of Karachi, Pakistan. Known…
Akbar Chowk in Lahore stands as one of the city’s most critical intersections, serving as…
Khuda Baksh Colony, located near Bhatta Chowk in Lahore, is a rapidly developing residential area…
Gol Market in Karachi is one of the city's most iconic and bustling commercial centres.…