FBR Chief Ask Banks to Gather Details of Benami Accounts Themselves
- Chairman of FBR asked all banks to gather details of Benami accounts of their bank account holders themselves.
- FBR doesn’t want to contact account holders directly so that public trust in FBR can be maintained.
- FBR asked all banks of the country to submit details related to Benami accounts to the FBR within 15 days.
Chairman FBR Shabbar Zaidi asked all banks in the country to gather details of Benami accounts themselves, instead of the FBR doing so.
As per a statement issued by the board, the chairman wrote a letter to the heads of the banks and asked them to collect the details under the Benami Transaction (Prohibition) Act 2017.
“Under the Benami Transaction (Prohibition) Act 2017, FBR is responsible for identifying Benami accounts,” the statement read, adding that if FBR and banks work together, better results can be achieved.
According to the FBR, information regarding the Benami accounts will be kept confidential. The board does not want to contact account holders directly “so that people’s trust in FBR can be maintained,” the statement wrote.
The board of revenue requested all banks of the country to submit details related to Benami accounts to the FBR within 15 days.
The directives were issued to the Chief Financial Officers (CFOs) of the bank, who called on Chairman FBR at the FBR House to discuss the provision of information of Benami accounts.
The Chief Financial Officers of banks assured the FBR Chairman their full cooperation regarding the Benami accounts as required by FBR.
Earlier in March, FBR had implemented an act to stop transactions being conducted through Benami accounts, the numbers of which run into hundreds of thousands.
Earlier this month, the FBR had initiated proceedings against citizens who failed to declare their Benami properties under the Assets Declarations Scheme.