The over-invoicing of solar panels has been revealed in the meeting of the Senate Standing Committee on Finance.
A standing committee meeting was held under the chairmanship of Senator Salim Mandviwala, in which a sub-committee was formed to provide relief in electricity bills and taxes to Azad Kashmir.
During the last five years, over-invoicing of 69.5 billion rupees was done on the import of solar panels. From 2017 to 2022, an amount of 72 billion rupees was transferred abroad. Of this, solar panels worth Rs 45 billion were imported.
The chairman of the Federal Board of Revenue (FBR) said that commercial banks were also negligent in not taking precautions during the transfer of money.
From 2017 to 2022, 2 private companies transferred 72 billion rupees to Dubai and Singapore to import solar panels from China, but for solar panels worth 45 billion rupees, the commercial banks ignored Financial Monitoring Unit rules to transfer the money.
Chairman FBR told the meeting of the Senate Standing Committee on Finance that an FIR has been registered against the people involved in over-invoicing, action will be taken under the Anti-Money Laundering Act.
He said that from 2017 to 2022, various import accountants over-invoiced 63 consignments on 6,232 goods declaration, two private companies over-invoiced 37 billion 76 crore rupees on 2,718 goods declaration in the last financial year.
The Standing Committee directed the FBR to proceed with the action against the accused under the Anti-Money Laundering Act.
Despite the instructions of the committee, the committee members expressed their displeasure over the non-meeting of the Finance Ministry and Azad Kashmir government.
Azad Kashmir Prime Minister Chaudhry Anwarul Haque said that there was a historic protest in Kashmir on electricity bills, if the revenue of the federal government decreases, then cut our budget but don’t burden us with wrong policies.
The Standing Committee has set up a sub-committee to provide relief to Azad Kashmir on electricity bills and taxes.