Karachi, February 26, 2014 (PPI-OT): The SRO 115/I/2014 which will erode the confidence of the depositors and motivate them to withdraw funds from banks on the one side and discourage the government efforts of documentation of the economy on the other.
After the implementation, the said SRO 115/ I/ 2014 will have similar effect to the scenario in the year 1992 when foreign exchange accounts were frozen by the Government. This was stated by Mr. Zakaria Usman, President FPCCI and invited the attention of the Prime Minister of Pakistan Muhammad Nawaz Sharif and Chairman FBR through a letter from FPCCI.
The President FPCCI further stated that this will create a run on the banks and promote black economy and the people will be constrained to keep their savings either in gold, bonds schemes and cash in hand. The government at one side making business friendly policies to accelerate the business activities in the country due to which business activities are improving gradually as evident from the inflow of the foreign investments. But on the other side issuance and implementation of such SROs will badly affect the growing momentum of trade and industry and pace of business activities.
He further said that the government should identify some other ways to find out those NTN holder making aggregative banking transactions worth of Rs.1,000,000 annually and not filing the tax return. He requested the Prime Minister of Pakistan to kindly issue order for holding the enforcement of SRO115/I/2014 till the next budget and the FBR be advised to consult FPCCI for making the said SRO business friendly.
For more information, contact:
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Tel: 0092-21-35873691, 93-94
Fax: +9221 3587 4332
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