FBR Can Access Information of Bank Account Holders or Banks agreed to provide access to fbr with account holders data. Sources said FBR chairman, at the meeting, said section 165A was amended in 2014, 2018 and recently through Supplementary Finance Amendment Act, 2019 on PBA’s recommendations. “Therefore, the PBA and its members should not have any objection on the implementation of section 165A of Income Tax Ordinance, 2001,” Zaidi was quoted as saying. As per law, the banks are bound to provide details of account holders. Those details included a list of persons making a cash withdrawal of Rs50,000/day or over Rs1 million/month; deposits of Rs10 million/month; credit card payment of Rs250,000/month; and details of persons receiving profit on debt above Rs500,000/year.
So its easy for FBR to get Access Information of Bank Account Holders or Banks agreed to provide access to fbr with account holders data. The laws in Income Tax Ordinance, 2001 have superseded other laws, including Banking Companies Ordinance, 1962; the Protection of Economic Reforms Act, 1992; and Foreign Exchange Regulation Act, 1947, yet the banks were not providing the details on one pretext or the other. It is worth noting that the government has also made arrangements to streamline laws to access bank deposits for identifying financial transactions. Prime Minister Imran Khan in a meeting held last month had directed the ministry of law and justice and State Bank of Pakistan to propose necessary amendments in bank laws and regulations for ensuring real-time data sharing of financial transactions with FBR.
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