In a recent report by the Federal Board of Revenue (FBR), a significant case of money laundering has been uncovered in the import of solar panels. The report reveals a clear pattern of over-invoicing on 6,232 Goods Declarations (GDs) from 63 importers, resulting in the transfer of Rs. 72 billion from two private companies. However, the total value of the imported solar panels was only Rs. 45 billion.
The Senate Standing Committee on Finance was briefed by the Chairman of FBR regarding this matter of over-invoicing. It has been found that commercial banks have violated the rules set by the financial monitoring unit in facilitating this transfer. Consequently, an FIR (First Information Report) has been registered against those involved in this illicit activity.
Prior to this revelation, the Alternate Energy Development Board had finalized a policy paper on solar panels and allied equipment manufacturing. The policy document was prepared after detailed consultations with stakeholders, including local solar manufacturers, provincial departments, consumers, and other relevant bodies. The Renewable Energy Task Force, headed by the Prime Minister, played a crucial role in formulating this policy.
It is worth mentioning that the increasing electricity tariff has led to a surge in the demand for solar panels in Karachi. Many power consumers are now considering solar energy as a cheaper, eco-friendly, and easily accessible alternative. This growing demand for solar panels has raised concerns and necessitated the investigation into money laundering in the import of these products.
The relevant authorities are taking strict action against the individuals and entities involved in this money laundering scheme. The government is determined to curb such illegal activities and ensure transparency in the solar energy sector. This will not only protect the interests of consumers but also promote the growth of the renewable energy industry in the country.