New Home Remittance Incentives Scheme unveiled by the Government
In Islamabad, Finance Minister Dr. Shamshad Akhtar has unveiled an 80 billion rupee Home Remittance Incentives Scheme aimed at directing overseas Pakistani remittances.
During a media address on Friday, she disclosed that 20 billion rupees of the total have been immediately allocated for this initiative. Dr. Shamshad Akhtar elaborated on the scheme, stating that the government will cover all charges associated with telegraphic transfers of funds amounting to $100 or more by overseas Pakistanis, effectively allowing them to send money free of charge.
Additionally, the government will provide a subsidy of twenty Saudi Riyals to participating banks facilitating these remittances. Under a segment of the program called "Sohni Dharti," remitters can accrue points for extra benefits.
The Minister also mentioned that the government plans to incentivize marketing efforts related to home remittances and introduce lucky draws for remitters who utilize legal channels to send money home. She assured the continued support of banking channels for home remittances and encouraged overseas Pakistanis to take advantage of this scheme to send money to their loved ones.
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 the same month the previous year, as reported by the central bank.