The committee had specifically suggested deleting from the finance bill a new clause 6A in Section 175 of the Income Tax Ordinance that empowered tax commissioners to raid any premises over information of undeclared gold, bearer security
or foreign currency and confiscate them.
The bill has also allowed the FBR to look into any undeclared gold, bearer security
or any other foreign currencies that may be undeclared or unexplained.
A bond in this context is a bearer security
of certain nominal value issued for money by a company which promises payment of the nominal value at a certain date in the future and, usually, regular interest payments in the meantime.
Once a bearer security
has been issued, money launderers or terrorist financiers can hold these securities or transfer them to an intended recipient" without using reputable financial facilities that would even record a transaction, let alone conduct know-your-customer checks.
The FBR agreed to delete from the finance bill a new clause 6A in Section 175 of the Income Tax Ordinance that said 'the commissioner shall, subject to the condition as may be prescribed, raid any premises where there is reliable information of undeclared gold, bearer security
or foreign currency and confiscate the same in order to enforce any provision of this ordinance'.