Government to give reimbursement to anyone who sends money to Pakistan via banking channels
Earlier a sender of $200 million was reimbursed at SAR 20.
The government of Pakistan has come up with special incentives for overseas Pakistanis in terms of monetary gains to uplift remittance inflows in the country through banking channels.
State Bank of Pakistan states that upon sending remittances $100 or more, emigrant Pakistanis settled in various countries will have a reimbursement amount of 10 Saudi Riyal or its equivalent in local currency
According to the circular, home remittance transactions from $100 to $200 (or equivalent in other currencies) must be reimbursed at SAR 10.
Banks were appreciated for providing ease to the customers by ensuring hassle-free and rapid services for remittances by the central bank.
Earlier a sender of $200 million was reimbursed at SAR 20:
No customer has been charged with any fee or other charges by the bank and the correspondent entity for sending or receiving home remittances.
A performance-based scheme will be launched for banks by the government this year which will be effective from January 01, 2020. Banks will be reimbursed on the account of marketing expense that is, an Rs. 1 per each incremental USD mobilized over 15% to the required banks’ growth.
On the back of measures taken and incentives given to overseas Pakistanis, workers’ remittances are expected to remain robust in FY20, remitting under the Pakistan Remittance Initiative (PRI). Home remittances of up to $25.6 billion for this fiscal year compared to $21.8 billion in the last fiscal year are estimated by the SBP.
Pakistan has appeared as one of the top five recipients of remittances in the region in 2018. The region’s top five were: India ($78.6 billion), China ($67.4 billion), the Philippines ($33.8 billion), Pakistan ($21 billion) and Vietnam ($15.9 billion).
Nevertheless, in the first four months of the current fiscal year (July-October 2019) remittances sent home by overseas Pakistanis remained almost flat at $7.48 billion
VIA || PRI