PTI government innovative idea of increasing foreign remittances in Pakistan

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PTI government innovative idea of increasing foreign remittances in Pakistan

ISLAMABAD - To give a boost to the flow of remittances into the country, the government is going to permit overseas Pakistanis duty-free import of hybrid cars of up to 3,000cc engine capacity provided that an expatriate remits a minimum of $100,000 in two years.

The move is aimed at attracting offshore money into the country.

The Engineering Development Board (EDB) has issued a notice to the stakeholders, inviting their comments on the proposal of duty-free import of one hybrid car of up to 3,000cc by Foreign Exchange Remittances Card (FERC) holders who remit $100,000 over a period of two years.

“In recognition of our overseas Pakistanis who utilise banking channels to send money back home, my ministry has proposed to reward them for their contribution to the national exchequer,” tweeted Special Assistant to Prime Minister on Overseas Pakistanis Syed Zulfiqar Abbas Bukhari.