Government approves additional incentives for banks to facilitate overseas Pakistanis

ECC considers a set of proposals and to encourage overseas Pakistanis to transfer their payments through official banking channels.

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overseas

The Economic Coordination Committee (ECC) has allowed additional incentives for banks, and facilitation to overseas Pakistanis to increase payments through the formal channels.

The Finance Adviser, Dr Abdul Hafeez chaired the meeting of the ECC to consider a set of proposals and to encourage overseas Pakistanis to transfer their payments through official banking channels.

It was also decided during the meeting to increase the return on reimbursement of telephonic transfer charges to 20 Saudi riyals from 10, on transactions between $100 to $200. It also permitted the continuance of the new scheme of considerations launched in 2018-19 for banks and exchange organizations during the current calendar year from January.

According to the scheme, financial institutions would be incentivized at the rate of 50-paisa per US dollar on 5% growth, 75-paisa per dollar on 10% growth and Rs 1 per dollar on 15% growth.

National Remittance Loyalty Program

The number of payments transmitted into bank accounts will be released from withholding tax with effect from July the 1st. Moreover, a “National Remittance Loyalty Program” will be launched from Sept the 1st with an alliance of major commercial banks and the government agencies through which various incentives will be given to remitters through mobile apps and cards.

During the current fiscal year, The ECC also approved a supplementary technical grant of Rs 9.6 billion to finance the initiatives mentioned above.

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