Boosting remittances inflow: ECAP to support all government agencies: Bostan

Exchange Companies Association of Pakistan (ECAP) on Wednesday said it will support all government agencies in their efforts to increase the inflows of remittances through legal channels. "The government has set a target of $15 billion remittances for the current fiscal year and ECAP will provide full support to achieve this target," said Malik Muhammad Bostan, Chairman ECAP at a press conference at Karachi Press Club.
Talking about the Federal Investigation Agency (FIA) raid at his exchange company's head office at Shahra-e-Faisal on Monday, he said that "it was purely a misunderstanding and our security guards resisted fearing they were dacoits, however when the situation cooled down, me and my staff expressed regrets to FIA officials."
It has been decided in principle that FIA will raid in consultation with and in presence of ECAP's representatives, however in this case they (FIA) did not inform any official of the ECAP, which resulted in this mishap, he said. "I personally regret as the FIA is our national institution," he added. Bostan said security guards involved in the incident have already been suspended and an inquiry is being conducted to ascertain facts. "ECAP and FIA along with SBP will work collectively to enhance legal inflows of home remittances and curb Hundi/Hawala," he said.
He said the ECAP is already working in co-ordination with FIA officials against the Hundi/Hawala, besides contributing to bringing more foreign inflows. The government especially Interior Minister Rehman Malik is fully supporting the exchange companies and resolving our genuine problems. At the same time, the association has also helped the government and the agencies concerned to check the dollar smuggling and marketing. Haji Haroon President ECAP, Muhammad Hanif Gohar, Naeemuddin, advisor ECAP and other official were also present.