Under the new biometric requirement for buying foreign exchange, every time you buy foreign exchange, you must first go to NADRA and get the biometrics done, get a receipt, and then go to the forex place. And this is to be done EACH time you need to buy foreign exchange. Every exchange will have biometric device installed at their place.
After 5th November biometric system will be available at the foreign exchange companies so after that we do not have to go to nadra each time. If anyone thinks this will result in stabilization of PKR v USD parity lives in Disneyland in my humble opinion. Such a stupid requirement. Money changer told me about it. So annoyed . Why every time? May be they think that our fingerprints will change every time. Does this also apply if we need to exchange USDs to PKR?
And its not just NADRA. They just require verification which can be done by e kiosk/jazz cash. This is to discourage buying of dollars and black market. Obviously the government has no clue that such gimmicks don’t work. Proper policies and business gets the job done not restrictions. Its a good thing in a way that it will discourage unnecessary hoarding of FX. If someone needs cash for foreign travel then he must follow the formal processes. Than think more grey market without it to get the foreign exchange at higher price.
Reza Baqir basically wrecking the free currency exchange. I think this is good to curb artificial rise and speculation in the market, but that’s absurd. No need to go to NADRA, also previously it was in practice to attach a copy of NIC. The market need to have adequate Forex and people must have trust in PKR than no need for any such gimmicks and hurdles. That is abuse of technology, anyways would Nadra charge any money for verification or is there any requirement?