Comments on: Some questions about the “forex” scandal http://www.chowrangi.com/some-questions-about-the-forex-scandal.html Pakistan Politics, Current Affairs, Business and Lifestyle Sat, 20 Mar 2010 01:10:56 +0000 http://wordpress.org/?v=2.0 by: Kashif Aziz http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-239516 Mon, 16 Mar 2009 14:53:08 +0000 http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-239516 @Yasir: You can take PKR equivalent to USD 10,000 with you. However, it is recommended to convert them to $ or any other currency that you maybe needing during your travel, simply because here you will get better exchange rates than abroad. @Yasir: You can take PKR equivalent to USD 10,000 with you. However, it is recommended to convert them to $ or any other currency that you maybe needing during your travel, simply because here you will get better exchange rates than abroad.

]]> by: Yasir Barkat http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-239508 Mon, 16 Mar 2009 14:20:55 +0000 http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-239508 Assalam O Alikum, Could any one tell me that :- How much Pakistani Rupee a person can take with him ? If he/she is going abort... Cause you know especially if someone is going on visit ... then first he covert Rupees in US $ & after coming back to Pakistan he/she need the Rupees... Assalam O Alikum. Assalam O Alikum,

Could any one tell me that :-
How much Pakistani Rupee a person can take with him ?

If he/she is going abort… Cause you know especially if someone is going on visit … then first he covert Rupees in US $ & after coming back to Pakistan he/she need the Rupees…

Assalam O Alikum.

]]> by: Kashif Aziz http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-214735 Sun, 23 Nov 2008 13:14:51 +0000 http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-214735 @Najib: From Pakistan you can take cash equivalent to USD 10,000 with you (no limit for traveler Cheques). You can transfer any amount you want from your bank account in Pakistan to any bank account in the world, provided your Pakistani account is maintained in USD or any other foreign currency. @Najib: From Pakistan you can take cash equivalent to USD 10,000 with you (no limit for traveler Cheques). You can transfer any amount you want from your bank account in Pakistan to any bank account in the world, provided your Pakistani account is maintained in USD or any other foreign currency.

]]> by: najib http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-214728 Sun, 23 Nov 2008 12:49:30 +0000 http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-214728 I am pakistani abroad can one of my brothers tell me how much i can take personally from pakistan to canada and how much i can transfer via bank from pakistan to canada, i dont know what are the rules now after this currency crisis.. thanks pls help. I am pakistani abroad can one of my brothers tell me how much i can take personally from pakistan to canada and how much i can transfer via bank from pakistan to canada, i dont know what are the rules now after this currency crisis.. thanks pls help.

]]> by: Shakir Lakhani http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-211171 Wed, 12 Nov 2008 09:04:31 +0000 http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-211171 Mr Aamir Ali, please carefully read today's DAWN (US$ 4 billion sent abroad legally). You will find (in the last para), why there was no limit on taking foreign exchange out of the country. Mr Aamir Ali, please carefully read today’s DAWN (US$ 4 billion sent abroad legally). You will find (in the last para), why there was no limit on taking foreign exchange out of the country.

]]> by: Aamir Ansari http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-211059 Tue, 11 Nov 2008 19:02:19 +0000 http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-211059 Who ever is responsible, my view is that the situation was not handsomely handled. The tax payers were humiliated in front of media without having any strong and concrete evidence. The raid was made on poor and ill quality proof which will put government in hot waters if they failed to convince the court. Furthermore, the way money changers were handled also raised lot of questions as similar treatment would have been followed for responsibles of sugar, wheat and fertilizer crises. Who ever is responsible, my view is that the situation was not handsomely handled. The tax payers were humiliated in front of media without having any strong and concrete evidence. The raid was made on poor and ill quality proof which will put government in hot waters if they failed to convince the court.

Furthermore, the way money changers were handled also raised lot of questions as similar treatment would have been followed for responsibles of sugar, wheat and fertilizer crises.

]]> by: Shakir Lakhani http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-211019 Tue, 11 Nov 2008 12:00:51 +0000 http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-211019 Mr. Aamir, if the limit was always 10,000 dollars, why was there no searching of passengers at the airport? Why did the authorities never ask for declarations from travellers, which used to be the case before 1998? Mr. Aamir, if the limit was always 10,000 dollars, why was there no searching of passengers at the airport? Why did the authorities never ask for declarations from travellers, which used to be the case before 1998?

]]> by: Kashif Aziz http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-211017 Tue, 11 Nov 2008 11:44:18 +0000 http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-211017 At this point, every individual going abroad is allowed to take USD 10,000 or equivalent in any other currency, with no questions asked. The point is, why government is not reducing this limit? Hypothetically speaking, if 1,000 passengers take $10,000 a day, this means $10,000,000 (Ten Million Dollars) going out on daily basis. Multiply this with 3 months and you will get a idea of how much dollar (or foreign currency) has flown out of Pakistan. Also, if you have a forex account in any bank in Pakistan, you can transfer any amount out of country, without taking any approval of SBP or any other authority. Why on earth this law not changed? When the Dollar was exploited from 70 to 90 in open market, why not SBP took any action at that time? Mind you, only SBP has all the authority to initiate an investigation against Forex companies and then request FIA or other agencies to investigate on its behalf and report back to SBP. But here it seems that FIA / Rehman Malik took the action themseleves. Another aspect of this "scandal" is involvement of NADRA employees in issuing fake ID Cards. We were made to believe that NADRA system is highly secure and fool-proof. But now we wonder that if fake IDs are so readily available to money launderers, what about terrorists and suicide bombers. At this point, every individual going abroad is allowed to take USD 10,000 or equivalent in any other currency, with no questions asked. The point is, why government is not reducing this limit?

Hypothetically speaking, if 1,000 passengers take $10,000 a day, this means $10,000,000 (Ten Million Dollars) going out on daily basis. Multiply this with 3 months and you will get a idea of how much dollar (or foreign currency) has flown out of Pakistan.

Also, if you have a forex account in any bank in Pakistan, you can transfer any amount out of country, without taking any approval of SBP or any other authority. Why on earth this law not changed?

When the Dollar was exploited from 70 to 90 in open market, why not SBP took any action at that time? Mind you, only SBP has all the authority to initiate an investigation against Forex companies and then request FIA or other agencies to investigate on its behalf and report back to SBP. But here it seems that FIA / Rehman Malik took the action themseleves.

Another aspect of this “scandal” is involvement of NADRA employees in issuing fake ID Cards. We were made to believe that NADRA system is highly secure and fool-proof. But now we wonder that if fake IDs are so readily available to money launderers, what about terrorists and suicide bombers.

]]> by: Ahmad http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-211014 Tue, 11 Nov 2008 11:01:32 +0000 http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-211014 I agree with @Aamir. One should only speak about what he knows. The decieving title brought me to this post and perhaps will catch many more. The fraud they are talking about is worth billions of dollars which can not be transfered Pakistanis going abroad. Every country puts a limit to the amount which can be taken away. I agree with @Aamir. One should only speak about what he knows. The decieving title brought me to this post and perhaps will catch many more.
The fraud they are talking about is worth billions of dollars which can not be transfered Pakistanis going abroad. Every country puts a limit to the amount which can be taken away.

]]> by: Aamir Ali http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-211010 Tue, 11 Nov 2008 10:19:12 +0000 http://www.chowrangi.com/some-questions-about-the-forex-scandal.html#comment-211010 FYI, it was never unlimited and the cap has always been at USD 10K which is also the cap within U.S. and most other countries for money that is allowed to be brought in. It is ignorant people like yourself that are the plague of this nation--the sort that are intellectually devoid of any deep understanding but somehow find a platform to speak and are quick to default the blame on the government for no rhyme or reason, based on faulty premise and a lot of conjecture. Only difference between you and the idiots (so called "experts") that appear on our televisions is that your post has 8 views and they get a lot more. You will do yourself and everyone else a great favour if you stick to whatever subject matter you are qualified to speak on, if any. FYI, it was never unlimited and the cap has always been at USD 10K which is also the cap within U.S. and most other countries for money that is allowed to be brought in.

It is ignorant people like yourself that are the plague of this nation–the sort that are intellectually devoid of any deep understanding but somehow find a platform to speak and are quick to default the blame on the government for no rhyme or reason, based on faulty premise and a lot of conjecture. Only difference between you and the idiots (so called “experts”) that appear on our televisions is that your post has 8 views and they get a lot more.

You will do yourself and everyone else a great favour if you stick to whatever subject matter you are qualified to speak on, if any.

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