The interim government has allocated Rs80 billion for supporting home remittance incentive schemes under its plans to encourage home remittance through formal channels.
“We have released around Rs20 billion for these schemes and we have released [this amount] to the State Bank of Pakistan,” she said in a live address to the nation which was aired on PTV News on Friday. “It will support different home remittance schemes.”
The caretaker government has reiterated that boosting the economy was their main target till the time they were in rule.
Akhtar shared schemes, which she described as “beneficial” for the people. She urged the people to avail such schemes.
One scheme reimburses the charges on remittances sent through telegraphic transfer for foreign exchange remittances that would be sent through formal channels. It enables expatriates to send their money send here where the receiver gets the money free of cost.
This facility is given to eligible transactions to around $100 or more and this scheme has been under way since 1985. The government pays at least 20 Saudi Riyals to banks for channelising home remittances whose burden is shared by Pakistani banks and overseas financial institutions. The remitter or receiver has to pay no fee.
The second scheme is ‘Sohni Dharti Remittance programme’ which has been developed in coordination with some partners like utility stores and FBR. This scheme directly incentivizes overseas Pakistanis and their family members.
Under this, the remitter accumulates his points and can redeem them.
Another scheme pertains to exchange companies where such companies take remittances and forward them to the desired destinations. It was launched in 2020 and the government rewards them through an incentive as the government gives Re1 against each US dollar mobilized through inward home remittances while surrendering 100% of it in the interbank market.
The fourth scheme incentivizes for marketing of home remittance schemes. It was launched to support the marketing efforts of financial institutions. This scheme basically promotes awareness schemes as what were the benefits of sending remittances through formal channels.
There is another lucky draw scheme for high-remitting individuals. Under this, a lucky draw is held for those who send remittances through formal channels. The winner gets a winning cash prize.
The government has made a programme for Pakistan remittances initiatives, under which the government supports those entities that help facilitate the flow of remittances through formal channels.
“I would encourage you to send your money through official channels, hopefully, our banking, financial institutions, and public-sector entities will approach you to smoothly send these flows and help you,” Akhtar said.
