Currency Transaction Report Limit Raised to Rs3 MillionPakistan

The approval for the change was given by the National Executive Committee on Anti-Money Laundering and Counter-Financing of Terrorism. The notification comes into effect immediately.

Under the revised limit, transactions below Rs3 million will no longer fall within the scope of the currency transaction reporting requirement, while transactions at or above the new threshold will continue to be reported to the financial monitoring units.

A currency transaction report is a record submitted when a cash transaction crosses a set limit. It is one of the tools used by the authorities to keep track of large movements of money and to monitor the flow of funds that could be linked to money laundering.

By raising the threshold from Rs2 million to Rs3 million, the government has lifted the reporting requirement for transactions between the old and new limits. Banks will now be required to report only those transactions that cross the higher limit, with the focus remaining on larger sums of money moving through the financial system.

The change has been introduced as part of the government’s efforts to combat money laundering. The notification, which takes immediate effect, applies to transactions across the banking system, with banks responsible for reporting qualifying transactions to the financial monitoring units.

The National Executive Committee on Anti-Money Laundering and Counter-Financing of Terrorism, which approved the change, is the body that oversees the country’s efforts against money laundering and the financing of terrorism. Its approval clears the way for the revised limit to be applied without delay.

With the notification now in force, banks will apply the Rs3 million threshold when deciding which transactions must be reported, and the financial monitoring units will receive reports on transactions meeting the new limit. The report on the change was filed by Waqas Azeem.