The Federal Board of Revenue on Thursday issued the "Banking Companies Reporting Requirements" rules under which every bank will be required to submit to the Board a monthly accountholders deposits statement of persons who have deposited Rs 1 million or above in a month. The FBR has issued SRO.115(I)/2014, here. 

According to the notification, the information may not be provided by the banking company officer in respect of a person who holds National Tax Number and has also filed return of income for the immediately preceding tax year. Under the rules, the banks shall provide information under section 165A of the Income Tax Ordinance through Account Holders Deposits Statement, Credit Card Payments Statement, Written-Off Loans Statement, currency transactions report and suspicious transactions report.  Read more