In Islamabad, Finance Minister Dr. Shamshad Akhtar has unveiled an 80billion rupee Home Remittance Incentives Scheme aimed at directing overseasPakistani remittances.
During a media address on Friday, she disclosed that 20 billion rupees ofthe total have been immediately allocated for this initiative. Dr. ShamshadAkhtar elaborated on the scheme, stating that the government will cover allcharges associated with telegraphic transfers of funds amounting to $100 ormore by overseas Pakistanis, effectively allowing them to send money freeof charge.
Additionally, the government will provide a subsidy of twenty Saudi Riyalsto participating banks facilitating these remittances. Under a segment ofthe program called “Sohni Dharti,” remitters can accrue points for extrabenefits.
The Minister also mentioned that the government plans to incentivizemarketing efforts related to home remittances and introduce lucky draws forremitters who utilize legal channels to send money home. She assured thecontinued support of banking channels for home remittances and encouragedoverseas Pakistanis to take advantage of this scheme to send money to theirloved ones.
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In August 2023, Pakistan’s foreign worker remittances reached $2.1 billion,marking a 3.1% increase compared to July. However, on an annual basis,there was a 24% decline in remittances, as they totaled $2.7 billion in thesame month the previous year, as reported by the central bank.
