Traders to ob­serve strike against tax on bank trans­ac­tions

The Pak Banker - - FRONT PAGE -

Small traders of more than 800 mar­kets of Karachi will not only ob­serve strike but to stage a protest car rally to pres­sur­ize gov­ern­ment for with­drawal of with­hold­ing tax of 0.3 per­cent on the cash trans­ac­tion above Rs50,000. Ac­cord­ing to traders, a ma­jor­ity of the traders have al­ready de­creased the deal­ing with the banks, but they will re­tain very manda­tory trans­ac­tions in fu­ture if the taxes are not with­drawn by the gov­ern­ment. Banks branches si­t­u­ated in and ad­ja­cent of mar­kets have wit­nessed a con­tin­u­ous drop in their cash flows be­cause of the fact traders are avoid­ing us­ing bank­ing chan­nels for their busi­ness, they said. The deal­ings have been started off in cash with beefed up se­cu­rity whereas Parchi sys­tem has been in­tro­duced in sev­eral mar­ket by the traders with the use of com­mu­ni­ca­tion means such as mo­bile phone or in­ter­net.

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