Banks relaxed in providing details of STRs, written-off loan to FBR
KARACHI: The government has provided relief to the financial sector as banks are no more required to provide details of suspicious transactions reports (STRs) and loan written-off to tax authorities.
The government has amended Income Tax Ordinance, 2001 through recently approved Finance (Supplementary) Bill, 2018. Through the approved bill the government amended Section 165A of Income Tax Ordinance, 2001.
Previously, the banks were required to provide a copy of each currency transactions report and STRs generated and submitted by it to the Financial Monitoring Unit (FMU) under the Anti-Money Laundering Act, 2010.
The banks were also required to provide a consolidated list of loans written off exceeding rupees one million during a calendar year.
The National Assembly passed Finance (Supplementary) Bill, 2018 on October 03, 2018 and through this approval, these conditions were withdrawn.