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" LETTER FROM LETTER FROM HAJI ABDUL GHAFOOR, ADVOCATE HIGH COURT, FAISALABAD TO CHAIRMAN, FEDERAL BOARD OF REVENUE   (Re: Foreign remittance -- submission of)   The Chairman,   Federal Board of Revenue,   Islamabad.   SUBJECT: FOREIGN REMITTANCE -- SUBMISSION OF:--   Respected Sir,   Under the existing provision of subsection (4) (a) of section 111 of the Income Tax Ordinance, 2001, the provisions of section 111(1) of the Income Tax Ordinance, 2001 deals with the unexplained investments shall not apply to any amount of foreign exchange remitted from outside Pakistan through normal banking channel i.e. Encashed into Pak rupees by a schedule bank and a certificates from such bank is produced to that effect. From the aforesaid provisions of law it appears that the amount of remittance should be sent and received through a schedule bank and such bank shall issue a certificate to this effect. In this way, the Government of Pakistan receives the foreign exchange sent from abroad.   The State Bank of Pakistan has duly authorized various companies, like western union Exchange Company and Wall Street Exchange Company etc to open their branches/franchise in the country who receives the foreign exchange from the sender residing abroad and after surrendering the foreign exchange to the State Bank of Pakistan, pay amount in Pak rupee to the receiver/beneficiary. Thus the Government of Pakistan receives…