FBR wants banks to compile five-year record of account holders

ISLAMABAD : The Federal Board of Revenue wants banks to compile five-year record of account holders, according to its proposed amendments to the Banking Companies Reporting Rules 2010. Account holders will have to provide their deposit statement information, according to the draft of amendments proposed by the FBR.  Additional information will be required for account holders who deposit Rs10 million or more each month. Individuals with credit card bill payments of Rs200,000 or more every month will also have to provide their information too. The FBR has asked for information of those withdrawing Rs1 million or more cash every month, according to the document. Debt statement will also have to provide profit information. The revenue authority seeks access to banking offices, accounts, documents and computers. It wants a banking company to nominate an officer within 30 days after the amended law comes into effect. Otherwise, the president or principal officer of the banking company would be considered the banking officer, who would provide relevant information to the FBR. Account holders must also provide information on a monthly basis, according to the draft of proposed amendments.

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