ISLAMABAD – PTI government launches another incentive scheme for theOverseas Pakistanis remittances.
To boost up remittance inflows in the country through banking channels, thegovernment has come up with special incentives for senders/overseasPakistanis in terms of monetary gains.
According to the State Bank of Pakistan, expatriate Pakistanis living indifferent countries will have a reimbursement amount of 10 Saudi Riyal orits equivalent in local currency if they send remittances $100 or more.
Home remittance transactions equal to and above USD 100 but less than USD200 (or equivalent in other currencies) shall be reimbursed at SAR 10, readthe circular.
Similarly, the sender of the remittances of $200 (or equivalent for othercountries) will reimbursed at SAR 20.
The central bank also encouraged banks to provide easiness to the customersby ensuring hassle-free and rapid services for remittances
Previously, a reimbursement of SAR 20 was entitled to the sender of $200million only.
It is pertinent to mention here that the bank and the correspondent entityhave not charged their customers any fee or other charges at any stage forsending or receiving home remittances.
Read Top Stories
The government has launched a performance-based scheme for banks this yeareffective from January 01, 2020. The government will reimburse banks on theaccount of marketing expense that is, a Re. 1 per each incremental USDmobilized over 15% to the required banks’ growth.
Workers’ remittances are expected to remain robust in FY20 on the back ofmeasures taken and incentives given to overseas Pakistanis, remitting underthe Pakistan Remittance Initiative (PRI). The SBP estimates homeremittances of up to $25.6 billion for this fiscal year compared to $21.8billion in last fiscal year.
Pakistan has emerged as one of the top five recipients of remittances inthe region in 2018. The region’s top five were:
– India ($78.6 billion), – China ($67.4 billion), – the Philippines ($33.8 billion), – Pakistan ($21 billion), – Viet Nam ($15.9 billion).
However, remittances sent home by overseas Pakistanis in the first fourmonths of the current fiscal year (July-October 2019) remained almost flatat $7.48 billion.
