SRO 1305 to backtrack financial inclusion, encourage cash economy: Junaid Makda

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KARACHI: President of the Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda, while strongly opposing the issuance of SRO # 1305 (I)/ 2018 by Federal Board of Revenue (FBR), stated that by giving access to account holders info under the said SRO, efforts being made for financial inclusion will be backtracked because it would encourage cash economy due to fear of harassment. In a statement issued, Junaid Makda pointed out that under this SRO, FBR has prescribed a Cash Withdrawal Statement for banks to report information of persons who have withdrawn cash exceeding Rs50,000 in a day and taxes deduction thereon for filers and non-filers, aggregating to Rs1 million or more during the month.