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Pakistanis hold assets worth $150 billion in UAE, SC told

Usman Arshad 04:28 PM | 3 Sep, 2018
Pakistanis hold assets worth $150 billion in UAE, SC told
ISLAMABAD - Pakistanis own around $150 billion worth of properties and assets in the UAE alone, according to a report compiled and presented in the Supreme Court (SC) by chartered accountancy firm AF Ferguson on Monday.

The report was submitted in connection with a case in apex court on Pakistani nationals' properties and bank accounts abroad. The firm, however, cautioned that the data be 'handled with care'.

Chief Justice Mian Saqib Nisar expressed his surprise over such a massive amount still parked abroad despite the amnesty scheme.

State Bank of Pakistan (SBP) Governor Tariq Bajwa briefed the top court on measures taken to recover the identified funds, saying: "Notices have been issued to the 125 people who have assets in the UAE."

"If they write on affidavits that they do have assets outside of Pakistan, we will interrogate and tax them. But if they deny that, then we can take the help of the UAE government and ask them to take action in accordance with benami properties law," he said.

The SBP governor further said that the assistance of Federal Investigation Agency (FIA), National Accountability Bureau (NAB), and other agencies had also been sought.

The CJP expressed his dissatisfaction over the progress of the case, remarking that those concealing their assets abroad qualify for money laundering trials.

Shabbar Zaidi, the audit firm's chief, told the court that wealth is transferred outside Pakistan via two channels: Hawala and banking routes.

"Funds are moved abroad by showing it as agricultural income," he informed.

At this, Justice Umar Ata Bandial asked the SBP governor if a ban has been placed on transferring foreign exchange outside Pakistan.

"Only a sum of $10,000 is permitted to be taken outside of Pakistan," Bajwa replied.

The SBP governor further said that a separate list of 225 Pakistani nationals who have properties in London has also been obtained.

Meanwhile, Attorney General Mansoor Ali Khan assured the top court that the new government is "serious about bringing back the money".

"A task force has been formed under the PM's stewardship," the attorney general said. "The governmentt wants the apex court to provide guidance in this regard."

Soon after taking the office, Finance Minister Asad Umar had announced that a task force would be established for bringing back the plundered money to Pakistan.

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KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 02, 2023 (Thursday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 271.1 271.6
Euro EUR 298.27 298.87
UK Pound Sterling GBP 335.5 336.2
U.A.E Dirham AED 73.03 73.33
Saudi Riyal SAR 71.49 71.80
Australian Dollar AUD 188.9 191.3
Bahrain Dinar BHD 712.73 720.73
Canadian Dollar CAD 200.95 203.15
China Yuan CNY 39.67 40.07
Danish Krone DKK 39.11 39.51
Hong Kong Dollar HKD 34.19 34.54
Indian Rupee INR 3.28 3.39
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 877.76 886.76
Malaysian Ringgit MYR 62.83 63.43
New Zealand Dollar NZD 173.25 175.25
Norwegians Krone NOK 26.76 27.09
Omani Riyal OMR 696.08 704.08
Qatari Riyal ‎QAR 73.62 74.32
Singapore Dollar SGD 204 206
Swedish Korona SEK 25.61 25.91
Swiss Franc CHF 291.69 294.19
Thai Bhat THB 8.15 8.3

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs207,100 on Thursday. The price of 10 grams of 24k gold was recorded at Rs175,670.

Likewise, 10 grams of 22k gold were being traded for Rs164,500 while a single tola of 22-karat gold was being sold at Rs 179,100.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 207,100 PKR 2,420
Karachi PKR 207,100 PKR 2,420
Islamabad PKR 207,100 PKR 2,420
Peshawar PKR 207,100 PKR 2,420
Quetta PKR 207,100 PKR 2,420
Sialkot PKR 207,100 PKR 2,420
Attock PKR 207,100 PKR 2,420
Gujranwala PKR 207,100 PKR 2,420
Jehlum PKR 207,100 PKR 2,420
Multan PKR 207,100 PKR 2,420
Bahawalpur PKR 207,100 PKR 2,420
Gujrat PKR 207,100 PKR 2,420
Nawabshah PKR 207,100 PKR 2,420
Chakwal PKR 207,100 PKR 2,420
Hyderabad PKR 207,100 PKR 2,420
Nowshehra PKR 207,100 PKR 2,420
Sargodha PKR 207,100 PKR 2,420
Faisalabad PKR 207,100 PKR 2,420
Mirpur PKR 207,100 PKR 2,420

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