FBR will get your bank account details for certain transactions. FBR and Pakistan Bankers Association (PBA) reached a deal in which the commercial banks agreed to disclose the information of account holders under certain conditions. This ended a longstanding issue between banks and FBR, which started back in 2013 when FBR asked the banks Under section 165 (A) to disclose the details of account holders. The bankers association filed a petition against the requirement in the high court.
Now with back and forth negotiations, and with certain amendments, the association agreed to take back the court petition and will promptly provide the account information to FBR under the following situations.
1. Where the daily withdrawal of Rs.50,000 is made, or the total monthly withdrawal increases Rs 1,000,000.
2. The total bank deposit in a month increases Rs 10,000,000.
3. Where the credit card bill payment exceeds Rs. 250,000 in a month.
4. When the yearly profit on the debt will increase Rs. 500,000.
The bank will provide information to FBR every month.
The bank officers will not be liable to any civil or criminal proceedings for providing such information to FBR.
The information released to FBR will be kept confidential and will only be used for tax purposes under section 216.
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