PM gives 1 month notice to identify “benami” properties
Prime minister, Imran Khan has given a one month’s notice to deputy commissioners across Pakistan to identify all undeclared properties in their districts.
An undeclared transaction is when a property is held by one person while the consideration for it has been provided or paid for by another person and it includes transactions that are carried out under fictitious names or when the person providing the consideration is not traceable.
Imran Khan has given time till September 30 to DCs for submitting a detailed report on people with undeclared properties to the FBR chairperson and prime minister.
Formed under the Benami Transactions Act 2017, the ‘Benami Information Processing Committee’ includes officers from the Inter-Services Intelligence (ISI), Intelligence Bureau (IB), Federal Investigation Agency (FIA), State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP) and the Federal Bureau of Revenue (FBR), and would be headed by FBR’s National Coordinator Nausheen Javed Amjad.
Any individual with an undeclared asset will be fined and sentenced to prison for up to seven years under Pakistani law.