Pakistan Currency Exchange with a view to encouraging overseas Pakistanis has launched a home remittance promotional scheme for them with cash prize of Rs 1 million. Speaking at the first prize distribution ceremony of the scheme held here on Saturday night, Forex Association of Pakistan's (FAP) president Malik Bostan, who is also chairman of Pakistan Currency Exchange, said that overseas Pakistanis have been largely contributing to Pakistan's economy by sending billions of dollars to their relatives in the country.
"In order to encourage overseas Pakistanis so that they may send more foreign exchange through legal channels, Pakistan Currency Exchange in collaboration with Western Union has launched a special promotional scheme in 2006," he said, adding that some 59,000 people participated in the home remittances promotional scheme having first prize of Rs 1 million and 120 prizes of Rs 25000.
He said that Muhammad Tufeeq of Wazirabad was declared winner of the scheme's first prize in the first computerised balloting held in the presence of representatives of Western Union. Bostan said that exchange companies have always worked in the larger interest of the country and after nuclear tests in 1998, when international sanctions were imposed on Pakistan, government requested money changers (presently exchange companies) to arrange $3 billion foreign exchange to avoid default and the money changers realising the situation, brought some $8 billion dollars into the country for strengthening the country's foreign exchange reserves.
"Pakistan Currency alone, during the last 10 years, has brought $3.4billion into the country, of which $2.6 billion have been surrendered into interbank market", he said and added that the government, with this arrival, had saved Rs 16 billion on account of rebate.
He said that State Bank of Pakistan (SBP) was also facilitating the exchange companies and, at present, Pakistan's foreign exchange reserves stood at a reasonable level of over $23 billion. The FAP president also appreciated the efforts and contribution of overseas Pakistanis who, he added, had sent over $20 billion dollar into country during the last fiscal year (FY16). He informed that the under the promotional scheme lucky draws will be conducted every four months and the first prize for next balloting will be of Rs 2 million and other prizes of Rs 0.1m. Later, the winners of the scheme were given cheques.
The ceremony was attended, among others, by Western Union's country manger Asad Inftikhar, Irfan Bosatn, Imran Bostan, Arsalan Bostan, Asad Kharal.
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