Page 39 - Newsletter-November-2018

Governance, Transparency and Service to Members & Students www.icap.org.pk transfer of any immovable property valuing more than Rs. 5 million in the name of a non-filer. The Finance Supplementary (Amendment) Bill (FSB’18) passed by the National Assembly October 3, 2018 has introduced following exceptions to the restrictions instead of completely removing the restriction: i. motorcycle having engine capacity of less than 200 cc, motorcycle-rickshaw, agricultural tractor or any other motor vehicle having engine capacity of less than 200 cc. ii. a person holding a Pakistan origin card or a national identity card for overseas Pakistani who produces a certificate from a scheduled bank of receipt of foreign exchange remitted from outside Pakistan through normal banking channels during a period of sixty days prior to the date of booking, registration or purchase of motor vehicle or, in case of immovable property, prior to the date of registering, recording, or attesting transfer. iii. a legal heir acquiring immovable property in inheritance. Penalty for Non-Compliance of Section 227C A penalty of 5% of the value of motor vehicles has been introduced for manufacturers of motor vehicles for accepting or processing any application for booking or purchase of a locally manufactured motor vehicle in contravention of Section 227C. Penalty at 3% of the value of motor vehicle or immovable property has also been introduced for any authority responsible for registering, recording or attesting the transfer of immovable property which accepts or processes the registration or attestation of such property in contravention of Section 227C Changes in information required from Banks - Section 165A A Section 165A requires every banking company to provide prescribed information to the Board. Through FA’18 the requirement for bank to provide online access to its central database containing details of its account holders and all transactions made in their account was omitted with new requirement for banks to provide list of persons containing particulars of cash withdrawals exceeding Rs. 50,000 in a day and aggregating to rupees one million or more during each preceding calendar month including deductions thereon for filer and non- filer. November 2018 39