Federal Board of Revenue (FBR) is increasing its efforts regarding Benami assets for which it directed commercial banks to provide details of account holders.
In the first step the FBR requested details of account holders with Rs. 20 million or more in their bank accounts after which banks provided the data base to FBR.
Later FBR approached the banks to provide the database of those account holders who have Rs. 5 million or more in their account. FBR expects that by using these details the account holders can be questioned and asked about the source of income and complete money trial.
Meetings were also held between Chairman Federal Board of Revenue (FBR), Syed Muhammad Shabbar Zaidi and CFOs of all banks. In the meeting it was decided that banks will seek information and provide the details to FBR regarding Mandated or Benami Account holders.
The FBR has the authority to take action against Benami Account Holders under Benami Transaction (Prohibition) Ordinance, 2017.
According to news reports banks are resisting the data collection by FBR. The secrecy law limits the banks authority to transferring the database of its account holders. It is also reported that banks have denied to provide private details of account holders.
This is also causing suspicions among common citizens who believe that the FBR will use their bank details to issue penalty or taxes on them.