In Pakistan, almost everywhere unauthorized foreign currency is available.
In each city, town Foreign currency buyers and sellers are available who are working without any authorization.
These illegal buyers have built huge reserves of illegal foreign currency in their houses.
If we can only stop them and make a law to bring this money out and in the legal channels, we can easily pay back our loans without any impact on the foreign reserves.
So law should be as follows,
1. No one should be allowed to keep a single note of any foreign currency in range of any value.
2. People should be given a time of three months to change currency to local currency.
3. After this period, any foreign currency with any person should be considered as illegal money if not available in any proper and legal banking channel.
4. Money exchanger data should be connected with immigration authority staff to check the currency movement. No person should be allowed to take a single currency note without record matching. A three layer security check system should be introduced on all immigration points such as Police, FBR, Military etc. A layered system is a better choice to stop any illegal activity.
5. People coming back from the other countries should be provided with some authorization to change the money in the local market or to be on safer side, banks should set up offices to create accounts or change money on the arrival in the banking accounts.
Only option left with above actions implementation is smuggle foreign currency through shipping or other illegal entry and exit points. Law enforcement agencies should find a way to stop this.
Illegal money can easily be traded in the open seas.
In each city, town Foreign currency buyers and sellers are available who are working without any authorization.
These illegal buyers have built huge reserves of illegal foreign currency in their houses.
If we can only stop them and make a law to bring this money out and in the legal channels, we can easily pay back our loans without any impact on the foreign reserves.
So law should be as follows,
1. No one should be allowed to keep a single note of any foreign currency in range of any value.
2. People should be given a time of three months to change currency to local currency.
3. After this period, any foreign currency with any person should be considered as illegal money if not available in any proper and legal banking channel.
4. Money exchanger data should be connected with immigration authority staff to check the currency movement. No person should be allowed to take a single currency note without record matching. A three layer security check system should be introduced on all immigration points such as Police, FBR, Military etc. A layered system is a better choice to stop any illegal activity.
5. People coming back from the other countries should be provided with some authorization to change the money in the local market or to be on safer side, banks should set up offices to create accounts or change money on the arrival in the banking accounts.
Only option left with above actions implementation is smuggle foreign currency through shipping or other illegal entry and exit points. Law enforcement agencies should find a way to stop this.
Illegal money can easily be traded in the open seas.