The Pakistan Tehreek-e-Insaf (PTI) government is considering a third amnesty scheme in a two-year period to support its dwindling foreign exchange reserves. According to informed sources, the Financial Action Task Force (FATF) and the International Monetary Fund The IMF's possible negative reaction is an obstacle to the scheme, but the government is considering giving the people another chance to whitewash their black money.
Sources said that the new scheme is the brainchild of Governor State Bank Dr Reza Baqir. Pakistani nationals benefiting from the scheme will not be asked where they bought US dollars, but will be given tax exemptions.
According to sources, people living in Pakistan can be asked to exchange US dollars for rupee denominated certificates from the Central Directorate of National Savings Schemes (CDNS) for one or two years.
To attract people, the government is also considering giving Libor and 3 to 4 per cent interest. The FBR and senior Finance Ministry officials confirmed that the SBP has proposed an amnesty scheme. Sources in the Prime Minister's Office said that the proposal has also been discussed with Prime Minister Imran Khan. Sources said that the authorities have to convince the FATF and IMF for the scheme as these institutions are run by black money holders.
