PM approves major incentives for facilitating remittances

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Islamabad : To facilitate overseas Pakistanis, the Prime Minister allowed State Bank of Pakistan (SBP) and its authorized dealers (Banks) to implement Business to Customer (B2C) and Customer to Business (C2B) transactions through foreign correspondent entities under their existing home remittance agency arrangements.
He was chairing a meeting regarding facilitating overseas Pakistanis particularly for easing and incentivizing home remittances through legal channels.
As regard B2C transactions, freelance and Information Systems Services are allowed up to USD 1500 per individual per month. Transaction services other than computer and information services are also allowed to transact up to USD 1500 per individual per month. Pensioners can now receive up to PKR 250,000 per individual per month.
For C2B transactions, direct payments from overseas Pakistanis abroad can be received to pay for utility bills, education fees of Higher Education Commission’s accredited institutions, superstores, Insurance Companies, credit card payments etc. Remittances received by reputed real estate builders and housing societies from overseas Pakistani individuals on account of purchase of property such as residential and commercial houses, plots, flats and building etc. are also allowed except remittances for equity in an enterprise.
Exchange Companies and Authorized Dealers i.e. Banks who bring in 15 % more remittances than the previous Financial Year will also have the incentive of PKR 1 against each 1 USD incremental remittance transaction. These incentives will have a significant impact towards increasing remittances.
The Prime Minister also approved initiation of a survey of overseas Pakistani workers, particularly based in Middle Eastern countries, to get their feedback on further facilitating and incentivizing the home remittance processes.
Prime Minister emphasized that overseas Pakistanis are our greatest asset and the Government will facilitate them in every respect. He also directed concerned Ministries / Departments to work out further incentives for Pakistanis abroad so as to attract remittances through legal channels.
The meeting was attended by Finance Minister Asad Umar, Adviser to PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, Special Assistant to the Prime Minister on Overseas Pakistanis and Human Resource Development, Syed Zulfiqar Abbas Bukhari, Special Assistant to the PM on Media Iftikhar Durrani, Governor State Bank of Pakistan Tariq Bajwa, Secretary to PM, Secretary Finance, Secretary Overseas Pakistanis & Human Resource Development, Chairman FBR, Chairman NADRA and other senior officers.

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