ISLAMABAD: Prime Minister Imran Khan on Monday chaired a follow-up meetingregarding facilitating overseas Pakistanis particularly for easing andproviding incentives on home remittances through legal channels.

In order to further facilitate overseas Pakistanis, the prime ministerallowed State Bank of Pakistan and authorised banks to implement Businessto Customer (B2C) and Customer to Business (C2B) transactions throughforeign correspondent entities under their existing home remittance agencyarrangements.

As regard B2C transactions, freelance and information systems services areallowed up to US $1500 per individual per month, while transaction servicesother than computer and information services are also allowed to transactup to $1500 per individual per month. Pensioners can now receive up to Rs.250,000 per individual per month.

For C2B transactions, direct payments from overseas Pakistanis abroad canbe received to pay for utility bills, education fees of universities,superstores, insurance companies, and credit card payments.

Furthermore, remittances received by real estate builders, developers andhousing societies from overseas Pakistanis on purchase of property such asresidential and commercial houses, plots, flats and building are alsoallowed except remittances for equity and participation in an enterprise.

Moreover, the prime minister approved incentive payment by the governmenton Mobile Wallet use to the tune of Rs2 on each transaction of one dollarremittance as airtime that was previously one rupee.

Exchange companies and banks who bring in 15pct more remittances than theprevious financial year will also have the incentive of one rupee againsteach one dollar incremental remittance transaction. These incentives willhave a significant impact towards increasing remittances.