Federal government launches multiple incentive schemes for overseas Pakistanis
Dr. Shamshad Akhtar, the Caretaker Finance Minister, announced that the government has disbursed Rs20 billion to the State Bank of Pakistan to bolster various initiatives aimed at promoting home remittances through official channels. In a televised statement, she revealed that the government had earmarked a total of Rs80 billion to support these home remittance programs, with the initial Rs20 billion being released on a Friday morning for this purpose. The primary objective behind these efforts, as emphasized by Dr. Akhtar, is to encourage the use of formal channels for remittance inflows.
Among the strategies outlined by the Caretaker Finance Minister, one involves the reimbursement of telegraphic transfer charges for foreign remittances conducted through official channels.
This approach seeks to facilitate overseas Pakistanis in sending money and allowing their recipients to receive funds without incurring any additional costs. Notably, this particular scheme applies to remittances of $100 and above, with the aim of reducing financial burdens on the sender and receiver alike.
Another initiative, the Sohni Dharti Remittance program, has been established in collaboration with POIA, USC, and FBR. This program is designed to provide direct incentives to overseas Pakistanis and their families for utilizing official remittance channels. Furthermore, there is a scheme that rewards exchange companies with Re1 for every dollar of remittance processed through formal channels.
Lastly, a marketing campaign has been launched to raise awareness about home remittance schemes, with the intention of attracting more remittances through official channels.
Additionally, a lucky draw scheme has been introduced to reward high-volume individual remitters, and the Pakistan Remittances Initiative has been initiated to support entities involved in facilitating remittances. These multifaceted strategies collectively aim to not only encourage the use of formal channels for remittances but also to streamline and incentivize the process, benefitting both overseas Pakistanis and the country's economy