Govt Allocates Rs. 80 Billion to Incentivize Home Remittances

The federal government has aside Rs. 80 billion to support various schemes related to home remittances in a bid to encourage the use of formal channels for remittances.

In a statement, Finance Minister Dr Shamshad Akhtar said that the government released an amount of Rs. 20 billion to the State Bank of Pakistan (SBP) in this regard today. She requested the overseas Pakistanis to use formal channels for sending home remittances and assured that the government will ensure the process of sending remittances through banks, financial institutions, and public sector entities is hassle-free.

The minister mentioned different schemes that the funds will go towards. Under the first scheme, the remitter or recipient will not be charged any kind of fee for home remittances of over $100. She added that the particular scheme was first introduced in 1958.

The second scheme is the Sohni Dharti Remittance Program (SDRP), SDRP is a point-based loyalty scheme for remitters who work abroad and send money to their loved ones in Pakistan through banking channels or exchange companies.

The third scheme is for the exchange companies and was introduced in 2020 while the final scheme aims to incentivize marketing home remittances. Under this scheme, awareness initiatives will be undertaken to apprise the public about the benefits of sending remittances through formal channels.

The minister also gave details of the lucky draw scheme for high-remitting individuals under which lucky draw winners are given cash prizes. The Pakistan Remittance Initiative will also benefit from the allocation, the minister added.

It is pertinent to mention here that remittances sent by overseas Pakistanis declined by 24 percent (or $651 million) to $2.09 billion in August 2023 compared to inflows of $2.74 billion registered in the same month last year.

The country registered its highest every remittance inflows in April last year, coming in at $3.1 billion. In the last five months, remittances have dropped significantly and haven’t crossed the $2.5 billion threshold even once.

  • Tax free freelancers and see the difference. PSEB lied with every freelancer and damaged the trust and credibility. Also make easy for people to open bank account on ID card with asking stupid proof of income type things in the time of digital era. Especially the Attestation if documents which can be check online.

  • Kindly immediately withdraw the penalty from export remittances (3% -9%) for easier business and more foreign reserves.

  • Please also do something for the 220 million Pakistanis living within the country. I know the government is artificially creating huge difficulties for the people so that they leave the country, earn foreign currencies and remit the same. This, however, is the worst approach. Instead, do create opportunities for the people here so that they can earn, live with their families, spend here, and contribute to the country’s economy.

  • It was recommended by me during a conference held in May 2019 that incentives should be given to overseas Pakistanis who are regularly sending remittances through banking channels besides exporters. Unfortunately the recommended incentives were ignored.

  • The one’s who are sending through Bank, should be given benefit on spot. It’s just a joke to do lucky draws etc. Supose a dollar costs 300 in interbank, those sending through Bank should be given Rs. 2 extra as rewards. We do have Rupees but no Foreign exchange. Needs practical steps not jokes at least.

  • Govt. think tanks should brainstorm of starting a Raast like project for easing international remit to Pakistan.

  • The one,s who are sending through bank, should be given benefit on spot.make easy to open account on ID cards,those sending from legal channels must give them 2 rupees extra we do have rupees rather than foreign exchange

  • Give benefit on the spot.Printing Pakistani Rs is in our hand..Print 5 to 6 rs extra againt 1 dollar.Give 5 to 6 rs extra to those sending money through banks..Instead here banks are plundering the 5 to 6 rs from the pocket of poor remitencer.

  • Overseas Pakistanis invested in Bahria Town Rawalpindi Phase-8 F-5 block and extensions and the Bahria Town has not gave possession of their plots since twenty years. Therefore they think that to invest in Pakistan is to be trapped in scams.If the government wants more remittances should address such problems of overseas Pakistanis.

  • The best way of spending that 80 bullion was to support power Pakistani who is unable to eat two meals in a day. It’s a waste of tax payers money.

  • For productive purpose Govt should advise overseas Pakistani to participate in building of Dams for our future generation need. It should be in shape of shareholder/bonds duly guaranteed by GOVT.

  • Only thief’s are ruling on Pakistan. Where is Bajwa now. In this 80 billion how much go to your account. Shame on you. Just for thief purpose, bajwa also go out and said pak is not safe. If bajwa died so what will happen. Mulk ko bdnam krty ha khud yahy thukham boty ha phr khty ha ye safe. Tmam dunya op ka dubious thinking janty ha. Aby hr bachy ko PTA ha op log just chory ka ly Pakistan ka nara lgaty ha. Jb Jeb bhr jata ha phr dumb dba ka bhag jaty hu. Jo b ye dakhty ha to aik rupy b pak Mt bejna jb tk ye chor lotary aik dosry ko na Khai. Hta Ka trump b smj gya ha ka ye bs chor he ha.

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