PBIF de­mands strict ac­tion against black econ­omy

The Pak Banker - - NATIONAL -

Pres­i­dent Pak­istan Busi­ness­men and In­tel­lec­tu­als Fo­rum (PBIF), Pres­i­dent AKIA, First Vice Chair­man of the Busi­ness­men Panel of FPCCI and for­mer Pro­vin­cial min­is­ter Mian Zahid Hus­sain on Fri­day de­manded strict ac­tion against black econ­omy as smug­gling, un­der in­voic­ing and money laun­der­ing con­tinue to dam­age econ­omy and dis­cour­age in­vestors.

Re­duc­ing size of un­doc­u­mented econ­omy is the best way to ex­pand doc­u­mented econ­omy which re­quires ac­tion as cos­metic mea­sures have only wasted re­sources and helped crim­i­nals, he said.

Mian Zahid Hus­sain said that half-hearted mea­sures of anti-smug­gling agen­cies has helped en­e­mies of coun­try while th­ese de­part­ments suf­fer from lack of co­or­di­na­tion, over­lap­ping pow­ers, con­fus­ing ju­ris­dic­tion, lack of ac­count­abil­ity and ab­sence of will.

He lauded the ef­forts of FIA against those in­volved in hundi and ter­ror fi­nanc­ing in Pe­shawar and de­manded that sphere of such raids should be widened across the coun­try.

The vet­eran busi­ness leader said that only eleven com­modi­ties which are smug­gled into Pak­istan are worth 3.88 per­cent of the GDP which is alarm­ing as the ra­tio of smug­gling in In­dia is 0.43 of GDP and 0.04 in Bangladesh while it is less than one per­cent of GDP in dozens of coun­tries.

Mian Zahid Hus­sain said that tyres, tea, auto parts, mo­biles, TVs and diesel in coun­try smug­gled at the per­cent­ages of 59, 47, 57, 59, 57, and 33 re­spec­tively. More­over the smug­gling of LPG, ce­ment, tiles, plas­tic, steel and au­to­mo­biles con­tinue to in­crease which is hit­ting in­dus­trial sec­tor, re­duc­ing jobs and rev­enue.

He said that a lot of toys, clothes, crock­ery, elec­tri­cal items, san­i­tary etc. are be­ing im­ported which is un­der in­voiced to save cus­toms duty which has re­sulted in zero in­vest­ment in th­ese sec­tors. Stop­ping money laun­der­ing, un­der in­voic­ing and smug­gling in the only op­tion we have, he warned.

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