The foreign exchange inflows through the Roshan Digital Accounts (RDAs) have crossed the $2 billion mark in eleven months.
As Pakistanis all over the world celebrated country’s Independence Day, #RoshanDigitalAccount crosses the historical milestone of $2bn in deposits. A big thanks to Overseas Pakistanis for their overwhelming response to the RDA initiative. https://t.co/HdkFj9DQHP pic.twitter.com/8nxNCZPXko
— SBP (@StateBank_Pak) August 15, 2021
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The Economic Coordination Committee was informed that to continue the positive trajectory of remittances, the State Bank of Pakistan (SBP) will introduce a mobile application, NRLP, named after National Remittance Loyalty Program (NRLP).
The app will offer incentives/rewards to overseas Pakistani against each remittance transaction in accordance with pre-set criteria.
Based on a points accumulation structure, the program will offer incentives and rewards to overseas Pakistanis for sending remittances to Pakistan.
The Governor of the SBP, Dr. Reza Baqir, said last week that this amount of remittances was at an all-time high, with a 25 percent growth. He said that the central bank is studying the risks, considering that such high growth in remittances had not been expected for the last fiscal year and is not expected to continue in the current fiscal year.
The scheme is likely to be formally launched on 1 October. It has one percent reward points on an annual remittance of up to $10,000, 1.25 percent on up to $30,000, and 1.5 percent reward points on an annual remittance of above $30,000.
This will translate into the first $10,000 remittance that will get reward points at the rate of one percent, followed by 1.25 percent on the next remittance of $15,000. The NRLP will have three classifications: Green, Gold, and Platinum.
The reward points will also be available to be used against other services. For instance, they may be redeemed against PIA tickets.
The Federal Board of Revenue (FBR) will also entertain the accumulated reward points as payments of duty on mobile phones under personal baggage or tax payments on the purchase of locally manufactured vehicles, etc.
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Dr. Baqir stated that in accordance with the expansion in the base, “We have taken a very conservative estimate for the current year,” and growth may be even lower than six percent.
The RDA was launched in September last year, and the inflows had crossed $1 billion by April 24, after which they had reached $1.5 billion on 27 June.
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Overseas Pakistanis may also redeem their collected points against the renewal of CNICs, NICOPs, and passports, as well as life insurance premium payments of State Life Insurance.
