Seizure of financial balances by FBR annoys speculators at PSX

KARACHI (City News) – Investors at Pakistan Stock Exchange (PSX) have been bothered and irritated on seizure of financial balances and withdrawal of money from their records, harming the speculation drift at the nearby bourse.

Pakistan Stock Exchange Brokers Association composed a letter to Federal Board of Revenue and Securities Exchange Commission on the field officers of Inland Revenue Department for recuperation of interest against the business houses are seizing financial balances of the merchants, which under your guidelines have been reserved/held for assets of “customers as it were”. Such an activity by officers of FBR other than being unlawful additionally puts the entire clearing cycle of the Exchange in threat.

Ghulam Mujtaba Sakarwala general secretary of PSX Stockbrokers Association revealed to Dunya News that the seizure and withdrawal of money from the customers’ records has been out of line and uncalled, the FBR should sent some request or show cause see for the recuperation of any expense. “Time ought to be given to customers or merchants against any recuperation”, he said. A huge number of rupees have been stuck up as discounts of representatives and for that we need to fill arrangement of archives for the cases, which stayed unheard.

As indicated by value merchant, the market since most recent few days have been on declining pattern due to political cynicism, as well as due to the seizure of the records of FBR.

The Association asked for the FBR to quickly evacuate the seizure rather SECP ought to likewise make a move and mediate in the issue to determine the issues.