ISLAMABAD: The Pakistani government will set up a regulatory authority to stop theft in the real estate sector. Preparations for this are complete.
A private TV channel, citing its sources, said the regulatory authority will help take action against unregistered people doing business in this sector and tax evasion. Cases and punishments can be given.
According to the report, the Real Estate Regulatory Authority can fine between 50,000 and 500,000 rupees for not registering. It may also have the power to give up to 3 years in prison.
The authority can cancel an agent’s license for giving wrong information. A fine of 200,000 to 500,000 rupees can be imposed for providing false details.
For transferring property incorrectly, the authority can impose a fine of 500,000 to 1 million rupees. If required documents are not provided, a fine of 50,000 to 200,000 rupees can be charged.
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The IMF has asked for a regulatory body in this sector. On Monday, FBR Chairman Rashid Langrial briefed the IMF on audit matters. An IMF team, led by Nathan Porter, arrived in Pakistan and met the Finance Secretary.
The IMF team will start policy talks today for a $7 billion loan program. The talks will begin with a meeting with Finance Minister Aurangzeb.
Technical talks between Pakistan and the IMF are almost done. Policy talks will continue for about two weeks. After this, the review mission will send its recommendations to the IMF Executive Board.
The Executive Board will decide by the end of this month or early April on releasing the next $1.1 billion installment and whether to lower electricity prices.
