*ISLAMABAD: **PTI government launches yet another initiative to boostforeign remittances in the country.*
The federal government has decided to increase the telegraphic transfers(TT) reimbursement to banks by 100% to promote legal channels of sendingremittances to the country.
It will immediately release Rs5 billion for the new scheme. This decisionwas made on the recommendation of a sub-committee set up by the federalgovernment to simplify the procedure for sending remittances by overseasPakistanis and encourage them to use legal channels for sending money totheir families.
Under the scheme, the TT reimbursement to banks has been increased from SAR10 to SAR 20 on transferring between $100 and $200.
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The subcommittee has also proposed releasing an additional amount of Rs7billion for the scheme through the technical supplementary grant during thecurrent fiscal year.
According to the documents, the internal finance and investment additionalsecretary and the joint secretary chaired a meeting attended by the head ofthe Pakistan Remittance Initiative, a subordinate department of the StateBank, and officials from the Federal Board of Revenue, the overseasPakistanis ministry, the Overseas Pakistanis Foundation, the NationalDatabase and Registration Authority, the Immigration and Passport Officeand four major banks.
