RAWALPINDI, Sept 18, 2023
Pakistani and foreign currencies worth billions of rupees were recovered during a raid on an under-construction plaza in the Shamsabad region of Rawalpindi on Sunday.
The raid was conducted by the Federal Investigation Agency’s (FIA) Commercial Banking Circle as part of a nationwide operation against currency hoarders and illegal money trading activities.
According to FIA officials, they had been surveilling the plaza for over a week before conducting the raid. During the raid, they found 13 lockers filled with cash, including Pakistani rupees, US dollars, British pounds, Saudi riyals, and other foreign currencies.
The officials said that the exact value of the recovered cash is still being ascertained, but it is estimated to be worth billions of rupees.
Eight suspects have been arrested in connection with the raid. The FIA is investigating the source of the cash and the purpose for which it was being hoarded.
Significance of the raid: The raid is a major success for the FIA’s crackdown on currency hoarders and illegal money trading activities. It is also a significant development in the government’s efforts to curb black money and strengthen the economy.
Impact of currency hoarding: Currency hoarding can have a number of negative impacts on the economy. It can lead to inflation, reduce the effectiveness of monetary policy, and make the economy less efficient.
Possible motives for currency hoarding: There are a number of possible motives for currency hoarding, including:
- Fear of economic instability: People may hoard currency if they are concerned about the stability of the economy or the financial system.
- Tax evasion: Currency hoarding can be used to evade taxes, as it is difficult for the government to track and tax cash transactions.
- Illegal activities: Currency hoarding can also be used to finance illegal activities, such as smuggling and terrorism.
Challenges of investigating currency hoarding: Investigating currency hoarding can be challenging, as it is often difficult to trace the source of the cash and to prove that it was being hoarded for illegal purposes.
The raid on the plaza in Rawalpindi is a significant development in the fight against currency hoarding and illegal money trading activities. It is important to note, however, that currency hoarding is a complex issue with a number of causes and consequences. The government and law enforcement agencies need to continue to work together to address this issue and to protect the integrity of the financial system.