Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Monday asked all banks in the country to gather subtleties of 'benami' records of their bank account holders themselves, rather than the FBR doing so. 

As indicated by an announcement issued by the FBR, Zaidi composed a letter to the leaders of the banks and requested that they collect the details under the Benami Transaction (Prohibition) Act 2017. 

The board, according to the announcement, does not have any desire to contact account holders straightforwardly "with the goal that individuals' trust in FBR can be kept up". 

As per the FBR, data gave in regards to the benami records will be kept secret. 

"Under the Benami Transaction (Prohibition) Act 2017, [the] FBR is in charge of distinguishing benami accounts," the announcement read, including: "If FBR and banks cooperate, better outcomes can be accomplished." 

The board noticed the significance of the collaboration of banks and mentioned that they present all data identified with benami records to the FBR inside 15 days. 

Not long ago, the FBR had started procedures against natives who neglected to proclaim their benami properties under the Assets Declarations Scheme, which terminated on July 3. 

In March, FBR authorities said that the demonstration had been executed to stop exchanges being led through benami accounts, the quantities of which keep running into several thousands. 

The term benami alludes to the act of holding property/resources for the sake of one individual to benefit another. Notwithstanding, benami is frequently gone for hiding responsibility for gained through illicit methods, cheating loan bosses, or potentially sidestepping installments of government fees, charges or duties.