Govt is Considering an Incentives Package to Boost Remittances

Prime Minister Imran Khan has directed to ensure delivery of full amounts of the remittances, sent by the overseas Pakistanis, to their families.

The prime minister was presiding over a meeting of the government’s economic team where an incentive package was proposed for the remittances sent by the overseas Pakistanis through legal channels.

Under the proposed package, banks and exchange companies will be offered special incentives for the promotion of foreign remittances.

The prime minister directed every possible measure to facilitate the overseas Pakistanis, calling them “an asset for the country”.

Besides enhancement in the incentives for banks regarding the foreign remittances under the package, it was also proposed to reduce the amount of money required for a transaction. Measures are also being taken to further improve the system through the renewal of foreign exchange remittance card.

In order to promote the use of legal channels for sending remittances from abroad, it was also proposed to launch a promotion scheme, under which the overseas Pakistani remitters will be awarded prizes through draw.

Under the proposed package, opening of bank account will also be made mandatory for the people travelling abroad for jobs.

The prime minister was informed that Pakistan Post will increase the number of designated post offices where foreign remittances can be delivered to the families concerned at their doorsteps from 240 to 3,200.

In this respect, the matters between the Pakistan Post and the National Bank of Pakistan have been finalized.

The prime minister was told that the State Bank of Pakistan will offer the incentives package to private banks regarding foreign remittances on the basis of their performance.

About reforms in the rates of provincial taxes, the meeting was told that the provincial governments had finalized a plan in that respect which would soon be presented to the prime minister. The meeting was also apprised of the progress made so far on the ease of doing business for the business community.

The Naya Pakistan Housing Authority chairman briefed the meeting about the measures being taken for the promotion of construction sector in the country.

The meeting also discussed the establishment of Special Economic Zones and the progress on further improvement of laws in this respect. It also discussed and reviewed the measures being taken for the revival of sick industrial units and the progress so far.

The meeting was told that work on the formulation of a long-term policy for the promotion of textile and leather industries was in progress, which would be completed by February 2020.

The Advisor on Commerce informed the meeting that the government’s decision to eliminate duties on the import of tools and machinery relating to medical sector had been implemented.

The prime minister said the present government took control when economic conditions were difficult. However, owing to its efforts, the country had now achieved economic stability coupled with restoration of investors and businessmen’s confidence, and positive trends are emerging, he added.

He underlined the need for continuing efforts for economic stabilization, improvement in economic indicators and further improving the environment for business community, in order to boost economic development.