FIA has arrested two currency dealers allegedly involved in illegal business of
hundi and hawala, the currency dealers in the areas of Yadgar Chowk, Khyber Bazar, Qissa Khawani were involved in illegal business of currency.
The two Bills are important in the sense that these will strengthen the existing laws on money laundering and foreign exchange control to make them more stringent to fight money laundering,
hundi, hawala and effectively regulate foreign exchange transactions to meet standards of the Paris-based global watchdog on financial crimes.
He said that 'Hawala' and '
Hundi' have inflicted a huge loss on the country's economy.
You inflict a double loss to the country - first by looting and then by sending it through Havala or
Hundi in dollars,' the prime minister said while speaking in the National Assembly.
'We will end up the system of
hundi and hawala in Pakistan.
In the light of current scenario of the market, Federal Investigation Agency (FIA) has also launched a crackdown against dollar hoarders as well as those involved in Hawala
Hundi business.
On April 12, the FIA had seized Rs420m form
hundi and hawala dealers in Karachi.
The money exchange company was responsible for creating artificial crisis of dollars in Quetta and involved in illegal Hawala,
Hundi business.
Three agents involved in the Hawala and
Hundi business were arrested by the Federal Investigation Agency (FIA) on Friday and dollars worth Rs420 million were recovered from them.According to the investigative agency, suspects Imran, Kamran and Rizwan were arrested in a raid conducted at the office of a private firm in Kharadar area of Karachi.
The new initiatives will help curb the illegal
hundi or hawala system and increase remittance inflows into the country.
The drop comes despite the fact that Pakistan has let the rupee go down by a massive 32percent against the dollar in the past 13 months to attract higher remittances through legal banking channels and a crackdown on the illegal Hawala and
Hundi system.