The business sector has demanded that the government crack down harshly on currency smuggling and hoarding in order to make it easier to conduct business. Co-ordinator to Federal Tax Ombudsman Meher Kashif Younis said that the lack of money in the market, which has been misused by dishonest individuals, is causing instability that is detrimental to business operations. It has to be stopped immediately, and those vile elements need to be dealt with strictly, he said to a delegation of industrialists and traders, led by Chief Engineer Kashif Ali, former Chief Technical Officer, Rousch Pakistan Power Ltd.

Meher claimed that anti-state individuals are illegally smuggling funds into a neighbouring country to further their sinister goals. He said that measures to reduce the temptation to smuggle money should be stepped up at all border points and on all land and air routes. Any money seized should be put in the national coffers, he added.

According to Meher Kashif, the economy is in a dire state as a result of the lack of dollars in the market, rising import costs for raw goods, and lower demand. He said that most steel mills and other significant industrial facilities' output has ceased, necessitating reinforcement in order to get them back on track toward economic growth. It is challenging to operate factories under the current conditions, and the government must adopt wise economic measures to stimulate business activity, he added.

Credit : Independent News Pakistan-WealthPk