ISLAMABAD: State Bank of Pakistan (SBP) has established a Task Force on Home Remittances with a view to analyze remittance system in Pakistan in detail, collect best practices of other labour-sending countries.
An official of SBP told APP that the Task force will identify barriers to the flow of remittances to the country and recommend measures to enhance the flow of remittances through formal channels.He said that SBP has developed continuous interaction with banks and exchanges companies.
He said that special "Home Remittance Cells" have been established in all banks with requisite IT support.He said that SBP also established a financial incentive scheme for overseas entities whereby they will be supported in their marketing efforts.He said that the scheme is performance-based and rests on the basic premise of offering financial incentives against mobilization of additional remittances such incentives shall stat from bring at least 100 million US $ from particular jurisdiction in one year."A performance based scheme has been launched to encourage overseas entities to enhance marketing efforts," he said.
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