Federal Board of Revenue can now access the bank account of anyone. The step has taken to control corruption and illegal funding and terrorist activities.
Federal board of revenue will be taking the detail direct from the banking network and will have access to the minutest details of the account holder. Before this FBR wasn’t allowed as per article no. 165 but now the article has been bypassed, and as per new rule the FBR can access the account details of any account holder.
Upon this the business class group has many doubts and are totally against it. They will ultimately reject the new law because it will do bad instead of good because when corrupt officers will have access to the bank account then will know the exact amount of money a person has and will get more ways to get bribe and deal things under the table.
The business society had too many reservations and was of the opinion that it would give a set back to the economy as they will be forced to do cash transactions which will lead to making the situation more complicated. On the other hand, the decision has been taken to find out the corrupt elements in the society and in addition to that to catch the terrorist activities.
Well, the reservations and logic of both the sides are logical let’s see how much fruitful this step will prove regarding restricting the corruption and terrorism because right now these two things are affecting our country a lot.
The rule applied from 1st January 2015.