ISLAMABAD- The Public Sector Development Departments (PSDD) were asked to refrain from issuing NOC/approval to Real Estate development housing societies/authorities.
The Federal Board of Revenue (FBR) imposed this restriction but made an exemption for applicants registered with the FBR as a Designated Non-Financial Business and Profession (DNFBP).
The FBR is imposing the condition on all PSDDs under section 6A of the AML Act and Condition No. 1 presented in November 2021 to support anti-money laundering and other terrorist financing activities in Pakistan.
On Monday, the 28th of February, FBR issued Condition No. 2 (2022) for PSDDs and allotted AIVIL/VFT Compliance Officer.
The PSDD will also ensure that formerly approved Real Estate Authorities/ Societies are registered with FBR as Designated Non-Financial Business and Profession DNFBPs. Later on, relevant instructions will also be issued to the concerned staff and housing authorities.
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