FBR ask Banks to send notices to Customers holding ‘Benaami’ Accounts

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FBR ask Banks to send notices to Customers holding ‘Benaami’ Accounts

Chairman Federal Board of Revenue (FBR) has asked Head of all Commercial Banks to identify and send notices to those customers who are holding ‘Benaami’ Accounts.

The move is aimed at targeting undeclared wealth being held in Bank Accounts. FBR Chief clarified that FBR itself is not sending notices to customers to maintain the trust between FBR and Customers. FBR has asked banks to identify Benaami Accounts under “Benami Transaction (Prohibition) Act 2017” and send notices to customers for explaining the sources of wealth.

Previously, the Government announced the Amnesty Scheme for the public to declare their undeclared Assets. Amnesty Scheme expired on 30th June 2019 where around 137,000 persons whitened their assets amounting to Rs. 2.5 trillion.

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