Govt must take stringent steps to bring black and taxable money in the market - Interview with Mr Farooq Dadi - a renowned businessman.

• Author: Ahmed, Khalil
• Position: Interview

Byline: Khalil Ahmed

PAGE had an exclusive conversation with Mr Farooq Dadi. Following are the excerpts of the conversation:

There is a need to revamp and take following measures to bring dollar and other foreign currencies at appropriate rate.

1- Crack down all those who got their loans written off in the past and now their properties are in trillions irrespective of being MNAs, MPAs or whosoever may be must be held accountable.

2- Shut down all the money changers with immediate effect for three months and decrease the quota of travelers from US$10,000 to US$3,000 or equivalent. Strict checking at airport and special counter should be established to declare foreign exchange at the departure custom lounges. All the borders should be strictly tightened to prevent outflow of foreign currency especially launches to Dubai, UAE.

3- Millions of foreign exchange is kept in banks and in private lockers. Major portion of the amount were black money of loot and plunders by politicians, government officials, businessmen etc. If they get the fear of crackdown, these lockers' major portions of foreign exchange will come in the market, which would help reduce rates of foreign exchange in the market.

4- Scrutinize exporters' remittances. Normally the same exporters open their own company off shores and export to their own company and declare in their agreement upto 25 percentage of discounts, which they keep abroad and rest of the balance they remit to Pakistan. Many exporters don't even bring full amount to Pakistan. There is a need to be scrutinized for last ten years or at least 5 years of remittances against their exports.

5- All off shore assets including properties foreign...