In Pakistan, with every passing year, the volume of currency black money outside the banking sector is increasing
The volume of currency in circulation outside the banking sector is estimated to increase from Rs.8,979 billion to Rs.10,285 billion.
Islamabad ( Web News )
The amount of currency (black money) outside the banking sector is increasing in Pakistan every passing year and by June 30, 2024, the volume of currency circulating outside the banking sector is expected to increase from 8,979 billion rupees to 10,285 billion rupees. It is estimated that the volume of currency circulating outside the banking sector has doubled in the last five years after tax authorities and other investigative agencies accessed information on investments held in the banking sector in Pakistan and remained outside the tax net in Pakistan. To avoid the tax net, the wealthy classes who make transactions worth billions of rupees pay double withholding tax and make heavy purchases including US dollars and other valuable foreign currencies through open currency and keep it in houses, lands, properties, vehicles. and are involved in hoarding activities by purchasing agricultural commodities and jewelery and diamonds, due to which the prices of these commodities are beyond the reach of the common man and the Government of Pakistan is devoting currency outside the banking sector to the banking sector. Three amnesty schemes have also been introduced in the last one-half to bring in, despite this, there is an increase in currency circulation and cash transactions outside the banking sector, which the policy makers have not been able to stop so far, Pakistan and the IMF. According to the document of macroeconomic and financial policies agreed between During the year 2020-21, the volume of currency outside the banking sector is 6,910 billion rupees, during the fiscal year 2021-22, the volume of currency outside the banking sector increased to 7,572 billion rupees, during the fiscal year 2022-23, the volume of currency outside the banking sector is 8,908 billion rupees, the current financial In the first quarter of the year 2023-24, this volume was 8,288 billion rupees in July to September, during the second quarter of October to December, this volume became 8,338 billion rupees. From January 2024 to March 2024, the volume of currency outside the bank sector was 8,979 billion rupees, and in April Or during June 2024, the amount of money in circulation outside the banking sector is estimated to reach 10,285 billion rupees. Similarly, the value of people’s foreign currency accounts in commercial banks in Pakistan, which was only Rs 1,110 billion during the financial year 2018-19, is estimated to reach Rs 1,717 billion by the end of the current financial year 2023-24.
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