KARACHI: In order to meet another condition set by the International Monetary Fund (IMF), the government has now made it mandatory for citizens to purchase items through debit and credit cards instead of cash.
The Federal Board of Revenue (FBR) has said that the business sector will be documented across the country. In the first phase, it has been made mandatory for installing debit and credit card machines at Point of Sale i. e. Tier 1 retailers and big shops.
The software will be integrated with the computerized system of FBR. It has also been decided to monitor the transactions through CCTV.
Economic affairs expert Dr Khaqan Najib said that the decision was aimed at taking Pakistan towards digital payments. If you look at other countries, they are going in the same direction and the world has also gone in the same direction.
Economic affairs expert Dr. Sajid Amin said that the government will have to take a stand for the implementation of this project.
Resistance to such transactions comes from traders and shopkeepers because they avoid paying taxes and payment through cards will block their tax evasion.
