PTI government launches yet another initiative to boost foreign remittances in the country
*ISLAMABAD: **PTI government launches yet another initiative to boost foreign 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 sending remittances to the country.
It will immediately release Rs5 billion for the new scheme. This decision was made on the recommendation of a sub-committee set up by the federal government to simplify the procedure for sending remittances by overseas Pakistanis and encourage them to use legal channels for sending money to their families.
Under the scheme, the TT reimbursement to banks has been increased from SAR 10 to SAR 20 on transferring between $100 and $200.
The subcommittee has also proposed releasing an additional amount of Rs7 billion for the scheme through the technical supplementary grant during the current fiscal year.
According to the documents, the internal finance and investment additional secretary and the joint secretary chaired a meeting attended by the head of the Pakistan Remittance Initiative, a subordinate department of the State Bank, and officials from the Federal Board of Revenue, the overseas Pakistanis ministry, the Overseas Pakistanis Foundation, the National Database and Registration Authority, the Immigration and Passport Office and four major banks.