Sending money from abroad: Zardari for encouraging expatriates to use legal channels

President Asif Ali Zardari on Saturday directed concerned authorities to devise mechanism for encouraging overseas Pakistanis to use legal channels for sending money home. Zardari gave these directives during a meeting held in Islamabad with a delegation of Karachi Chamber of Commerce and Industry led by its former president and leader of business community, Siraj Kassim Teli.
The delegation told the President that overseas Pakistanis who are sending small amount of 200 or 500 dollars prefer to send it through Hundi to save bank charges. Giving account of meeting with Asif Ali Zardari, former President of KCCI Zubair Motiwala said that the business community has suggested to the President that if that small amount gets a parity with Kibor rate, expatriates may use legal channel instead of Hundi for sending money home.
Motiwala said that the delegation deliberated on four points which included bank mark-up rate, monitory policy, power and gas tariff The delegation demanded immediate withdrawal of power tariff raised for domestic consumers, small and medium industries. Asif Ali Zardari assured the delegation that a decision would be taken on the issue within next three to four days.
On the issue of gas tariff, the delegation apprises the President about the impact of increase in gas tariff for industrial and commercial consumers and demanded its withdrawal. They also discussed the issue of subsidy provided to fertiliser companies, which was not passed on to fertilizer consumers. They demanded withdrawal of gas subsidy to fertilizer companies. The delegation demanded that mark-up rates be reduced by 4 percent through reducing spread, which is 7 percent.
The President assured the delegation that the matter would be considered and a decision would be announced in next few days. KCCI President Anjum Nisar said that the President agreed to appoint business community representative and former president of Karachi Chamber of Commerce and Industry as Deputy Chairman, Oil and Gas Regulatory Authority (Ogra).
The president also directed leader of business community and former president of KCCI, Siraj Kassim Teli to nominate persons from private sector to be included in board of directors of National Electric Power Regulatory Authority (Nepra), Trade Development Authority (TDAP), Export Processing Zone (EPZ) and State Bank of Pakistan. The delegation also demanded reconstitution of regulatory authorities.