Forex Dealers Bbring Foreign Exchange in Country, Action

This news updete by geo.tv



KARACHI: Forex Dealers Association President, Malik Bostan has said that the foreign exchange dealers bring 7/8 billion dollars in the country everyday and such action against them was unjustifiable.

Talking to Geo News, Malik Bostan said that he met Munaf Kalia courtesy Director FIA and Munaf Kalia told him that Khanani & Kalia Company was not involved in Hundi or Hawala business, but the owner of Dunya Moneychangers, Faisal, who has taken the franchise of Khanani & Kalia Company, was involved.

Munaf Kalia said that FIA didn’t have the right to seal the office or property of any moneychanger instead FIA according to rules would report to the State Bank and, thereafter, state Bank would serve show cause notice on which moneychanger would investigate into the matter pointed out in the notice and on finding evidence it was the State Bank which has the right of sealing the moneychanger company.

Malik Bostan said that Karachi moneychangers on Monday and the moneychangers from across the country on Tuesday would meet for finalizing the future line of action. He said that everyday 7/8 billion dollars flow in into the country through moneychangers alone and such arrests have let loose a reign of terror among the moneychangers and added that such actions were uncalled for.





Via news