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"Only registered madrassas will be entitled to receive financial assistance from the government," he said in Islamabad.
"No madrassa will be allowed to receive financial assistance, aid or donations from foreign sources," he added.
"If any madrassas contravene, they will attract closure or fine or both," he said.
All prospective foreign students and teachers will have to get clearance from the government, Memon said.
The government will prepare new syllabi for the Islamic schools, including maths, computer science and English along with religious subjects.
The crack down followed reports that the madrassas were engaging in promoting terrorism.
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