Finance Minister Ishaq Dar meet representatives of exchange companies

Islamabad, January 18, 2014 (PPI-OT): The Finance Minister Senator Mohammad Ishaq Dar held a meeting with representatives of Exchange Companies and representatives of the State Bank of Pakistan in the Finance Ministry, here today.

During the meeting the Finance Minister reiterated that a handful of speculators would not be allowed to create volatility in the Foreign Exchange market for their vested interest .Such manipulation by a handful was against the National interest which is supreme, he emphasized.

On the issue of imposition of General Sales Tax by provincial Governments on Foreign Exchange Companies, the Minister said that he will take up the issue with them. Currency, he said was not a commodity and cannot be subjected to Sales Tax, he observed. He assured them that the issue would be resolved on priority.

Regarding their complaint of harassment by Federal Investigating Agency (FIA), the Minister said that he had issued necessary instructions to State Bank of Pakistan to redress the grievance, in accordance with rules.

This meeting was held in continuation of an earlier meeting between them in Karachi on January 15th as part of a regular process.

The Representatives of Exchange Companies assured the Finance Minister that they would continue to co-operate with the government.

Prominent among those who participated in the meeting include Deputy Governor SBP, Mr Ashraf Watra, Secretary Finance, Dr. Waqar Masood Advisor to the Ministry of Finance Rana Asad Amin, Malik Bostan, Haji Haroon and senior officials of SBP and the Ministry of Finance and Commerce.

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