ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday launched crackdown against Benami account holders and sent out six notices under the Benami law.Out of six Benami account holders, one of them belonged to Lahore and five from Karachi for holding multimillion rupees properties and shares.Now the banks have been instructed to share details of Benami account holders within seven days period after which a full-fledged crackdown would be launched by sending hundreds of notices in first batch.Minister for Finance Asad Umar and Minister of State for Revenue Hammad Azhar told media that the FBR has sent six notices to Benami account holders but they did not share any further details on this subject.However, official sources told The News that six notices under Benami law were issued as one Benami holder belonged to Lahore and five were hailing from Karachi.The FBR has made Benami law operational from Tuesday. The FBR has already notified nine authorities across the country to exercise powers and perform functions under the provisions of Benami Transactions (Prohibition) Act, 2017.After approving the law by the Parliament, it took two years to come up with rules to operate under the law.Asad Umar also wants to see implementation on this law as he had chaired a meeting here to find out solution of controversy over sharing of this crucial information as commercial banks were reluctant to share the data. The SBP and commercial banks had argued that such information could lead to problems for those who possessed bank accounts.According to the FBR notification, Commissioner Inland Revenue (Benami Zone-I) Islamabad has been declared as approving authority in Khyber Pakhtunkhwa and Islamabad Capital Territory (ICT) in terms of Section 2(1)(3) I), of Benami Transactions (Prohibition) Act, 2017.The Commissioner Inland Revenue (Benami Zone-II) Lahore has been declared as approving authority in Punjab in terms of Section 2(1)(3) I), of Benami Transactions (Prohibition) Act, 2017. The Commissioner Inland Revenue (Benami Zone-III) Karachi has been declared approving authority in Sindh and Balochistan in terms of Section 2(1)(3)(I), of Benami Transactions (Prohibition) Act, 2017. Deputy Commissioners Inland Revenue (Benami Zone-I) Islamabad has been appointed initiating officer in terms of Section 2(1)(19) of the Benami Transactions (Prohibition) Act, 2017 in KP and ICT.The deputy commissioners Inland Revenue (Benami Zone-II) Lahore has been appointed initiating officer in terms of Section 2(1)(19) of the Benami Transactions (Prohibition) Act, 2017 in Punjab. The deputy commissioners Inland Revenue (Benami Zone-III) Karachi has been given assignment as initiating officer in terms of Section 2(1)(19) of the Benami Transactions (Prohibition) Act, 2017 in Sindh and Balochistan. Assistant commissioners Inland Revenue (Benami Zone-I) Islamabad has been appointed administrator in terms of Section 2(1)(2) of the Benami Transactions (Prohibition) Act, 2017 in KP and ICT.Assistant commissioners Inland Revenue (Benami Zone-II) Lahore has been appointed as administrator in terms of Section 2(1)(2) of Punjab. Assistant commissioners Inland Revenue (Benami Zone-III) Karachi has been appointed administrator in terms of Section 2(1)(2) of the Benami Transactions (Prohibition) Act, 2017 in Sindh and Balochistan.
from The News International - National https://ift.tt/2HSBXl3
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