Condition of Retaining Cash, Foreign Currency and Liquid Assets not Repatriated Extended Till 3rd July, 2019

ISLAMABAD: Federal Board of Revenue (FBR) has explained that the last date of filing declaration under Assets Declaration Scheme has been extended through a Presidential Ordinance up to 3rd July because the Parliament is not in session. As the last date is now extended, the condition of retaining cash, foreign currency and liquid assets not repatriated is also extended till 3rd July, 2019. Hence, all such declarant’s are required to retain cash in their bank accounts till 03rd July, 2019.

Assets Declaration Ordinance, 2019 has been incorporated as section 17 of the Finance Act, 2019. As per section 8 of the Assets Declaration Act, 2019, the condition to declare cash was to deposit such cash in the declarant’s bank account and to retain it in the bank account up to the 30th day of June, 2019. Similar condition existed in case of declaration of foreign currency that such foreign currency was to be deposited in the declarant’s foreign currency account and was to be retained in such account till the 30th day of June, 2019. Foreign liquid assets not repatriated into Pakistan was required to be deposited in the declarer’s foreign bank account on or before 30th day of June, 2019.

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