SC seeks details of Pakistanis' foreign assets within a week

ISLAMABAD: The Supreme Court (SC) on Thursday directed authorities to submit in a week details of all Pakistanis who have foreign assets abroad. 

A three-judge bench, headed by Chief Justice of Pakistan (CJP) Justice Saqib Nisar, had earlier taken a suo motu notice of all those Pakistani citizens who had foreign bank accounts and assets.

State Bank of Pakistan (SBP) Governor Tariq Bajwa and Federal Board of Revenue (FBR) Chairman Tariq Pasha attended today's hearing.

During the hearing, the CJP remarked that many citizens have assets abroad, however, at the moment it is not pertinent that who had an account abroad, adding that what is important is how much Pakistani money is out there.

"The main issue at the moment is to figure out how much money in foreign assets is abroad at the moment and to get it back into the country.  Not only was it important to find out who has accounts in Swiss banks but also properties in other countries," Chief Justice Nisar remarked.

Addressing the SBP governor, the CJP remarked that he is still waiting for the government's approval to get in touch with other countries.

The governor, however, replied, that it was not easy to get information from other countries since each country had its own rules and regulations.

The CJP also remarked that there were policies in the countries through which money can be transferred abroad.

In its order to the SBP, the court stated that details of all transactions above $50,000 should be submitted to the court within a week.