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ISLAMABAD: Caretaker Finance Minister Dr Shamshad Akhtar said that the government has released Rs20 billion to the State Bank of Pakistan for various schemes to encourage home remittances through formal channel.

“The government has allocated Rs80 billion which would support the home remittance schemes and Rs20 billion has been released on Friday morning for this purpose,” said the caretaker finance minister in a televised statement.

“We are trying to encourage home remittances through formal channel,” she added. The caretaker finance minister further stated that this released amount would support the different remittance schemes.

Big decline in remittances

She said that these schemes with one of them included; reimbursement of telegraphic transfer charges of foreign remittances through formal channel, which would enable the overseas Pakistanis to send their money and their relative to receive money free of cost. This scheme would be applicable around $100 and above.

She said that another scheme is Sohni Dharti Remittance programme which is organised with the partnership of POIA, USC, and FBR, which would directly incentivise overseas Pakistanis and their families to send remittances throw formal channel, whereas, another scheme is for exchange companies that are provided Re1 against each dollar remittance and last one is for marketing of home remittances scheme to attract remittance throw creating awareness.

Another scheme is the lucky draw scheme for high individual of home remitters and finally, there is the Pakistan remittances initiative to support those entities involved in remitting remittances.

Copyright Business Recorder, 2023

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ABDUL KADIR BILWANI Sep 16, 2023 11:37am
All this is just waste of energy this will not give any positive result where the official and curb market has huge difference of almost 8%
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Majidah Burhan Sep 17, 2023 08:10pm
FBR and SBP are responsible for decline in remittances from gulf countries. If government does not wake up, it will be too late.
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Altaf Sep 17, 2023 10:15pm
Remittance without any charges scheme was introduced many years ago and banks/exchange companies in other countries are not charging for remittances to Pakistan and in fact these charges are reimbursed by SBP to banks/exchange
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