Special measures for overseas Pakistanis to boost remittances to $30 billion annually: Report

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Special measures for overseas Pakistanis to boost remittances to $30 billion annually: Report

LAHORE - Businessmen Panel (BMP) for Federation of Pakistan of Chambers of Commerce and Industry (FPCCI) on Monday demanded of the government to announce special measure to facilitate overseas Pakistanis for opening dollar account in Pakistan. Talking to media here, BMP Chairman Mian Anjum Nisar said that overseas Pakistanis should also be allowed to transfer their amount through internet banking, citing that it would encourage the expats to keep their foreign currency in Pakistani banks. He said that in western countries, the customer had the facility to transfer their money anywhere in the world through internet banking or online transfer, therefore, he said the government should ask SBP (State Bank of Pakistan) to make a mechanism with the help of NADRA (National Database Registration Authority) to open banking accounts online for overseas Pakistanis so that country's foreign remittance may increase. He was of the view that overseas Pakistanis were national asset and playing an important role in improving the country's financial condition through remittances. Anjum Nisar claimed that Pakistan could receive over $30 billion via foreign remittances if bottlenecks faced by banks and money transfer exchanges were removed.

Similarly, he said, embargo of tax filer for overseas Pakistanis should be removed to open bank account in foreign currency because they earned money in other country and already paid taxes in that country. However as per new rules, being a taxpayer was the pre-requisite for opening any new foreign currency account but the account holders would be paid in local currency instead of foreign currency, he concluded.