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Committee formed to investigate investments in UAE Real Estate Market : Islamabad: The National Assembly’s Standing Committee on Finance has formed a sub-committee to probe the matter of illegal transfer of money by Pakistani nationals to the United Arab Emirates realty market, according to a news source. The three-member committee comprises Member National Assembly Dr Shazia Mansab Ali Khan Kharal, Isphanyar M. Bhandara, and Asad Umar.

The committee has been formed to prepare a comprehensive report on the matter. Speaking at the occasion, Asad Umar said that the fact that an investment worth $8 billion moved to the UAE at a time when the State Bank’s reserves were touching $14 billion is a matter of concern.

Reportedly, the Federal Board of Revenue (FBR) and Federal Investigation Agency (FIA) officials were also part of the meeting. The FBR officials briefed the committee that the board is bound by law to investigate cases that come under its domain or involve double taxation, as in this case.

The FIA officials informed that the agency has the mandate to probe cases that involve the money of national exchequers or federal employees. They further added that at the directions of the committee, they will consult their legal department as well.


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