Dr. Shamshad Akhtar, the Caretaker Finance Minister, announced that thegovernment has disbursed Rs20 billion to the State Bank of Pakistan tobolster various initiatives aimed at promoting home remittances throughofficial channels. In a televised statement, she revealed that thegovernment had earmarked a total of Rs80 billion to support these homeremittance programs, with the initial Rs20 billion being released on aFriday morning for this purpose. The primary objective behind theseefforts, as emphasized by Dr. Akhtar, is to encourage the use of formalchannels for remittance inflows.
Among the strategies outlined by the Caretaker Finance Minister, oneinvolves the reimbursement of telegraphic transfer charges for foreignremittances conducted through official channels.
This approach seeks to facilitate overseas Pakistanis in sending money andallowing their recipients to receive funds without incurring any additionalcosts. Notably, this particular scheme applies to remittances of $100 andabove, with the aim of reducing financial burdens on the sender andreceiver alike.
Another initiative, the Sohni Dharti Remittance program, has beenestablished in collaboration with POIA, USC, and FBR. This program isdesigned to provide direct incentives to overseas Pakistanis and theirfamilies for utilizing official remittance channels. Furthermore, there isa scheme that rewards exchange companies with Re1 for every dollar ofremittance processed through formal channels.
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Lastly, a marketing campaign has been launched to raise awareness abouthome remittance schemes, with the intention of attracting more remittancesthrough official channels.
Additionally, a lucky draw scheme has been introduced to reward high-volumeindividual remitters, and the Pakistan Remittances Initiative has beeninitiated to support entities involved in facilitating remittances. Thesemultifaceted strategies collectively aim to not only encourage the use offormal channels for remittances but also to streamline and incentivize theprocess, benefitting both overseas Pakistanis and the country’s economy
