Seizure of bank accounts by FBR perturbs investors at PSX

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KARACHI, AUG 18 (DNA) – Investors at Pakistan Stock Exchange (PSX) have been perturbed and disturbed on seizure of bank accounts and withdrawal of cash from their accounts, hurting the investment trend at the local bourse. Pakistan Stock Exchange Brokers Association wrote a letter to Federal Board of Revenue and Securities Exchange Commission on the field officers of Inland Revenue Department for recovery of demand against the brokerage houses are seizing bank accounts of the brokers, which under your instructions have been earmarked/reserved for funds of “clients only”. Such an action by officers of FBR besides being unlawful also puts the whole clearing cycle of the Exchange in danger.

Ghulam Mujtaba Sakarwala general secretary of PSX Stockbrokers Association told that the seizure and withdrawal of cash from the clients’ accounts has been unjust and uncalled, the FBR should sent some demand or show cause notice for the recovery of any tax. “Time should be given to clients or brokers against any recovery”, he said. Millions of rupees have been stuck up as refunds of brokers and for that we have to fill series of documents for the claims, which remained unheard.

According to equity dealer, the market since last couple of days have been on declining trend not only because of political negativity, but also because of the seizure of the accounts of FBR.