Remittances via formal route: Rs86.9bn set aside for TT charges refund

KARACHI: The federal government has proposed to allocate Rs 86.9 billion for the reimbursement of TT charges to banks aimed at promoting home remittances through formal channels.

Federal Minister Finance Muhammad Aurangzeb, in his budget speech said that overseas Pakistanis are the backbone of the country and workers’ remittances have an important role in the economic growth, therefore the federal government has decided to launch some new initiatives for the overseas Pakistanis.

As a part of these initiatives, Rs 86.9 billion has been allocated for the reimbursement of TT charges on the home remittances to facilitate the overseas Pakistanis. This amount will be reimbursed against the TT charges of different home remittances schemes like ‘Sohni Dharti’.

The federal government has also decided to set up a “Center of Excellence” to train the workforce as per international requirements.

The government has also announced to digitize the emigration landscape aimed to ease the immigration procedure for the overseas Pakistanis and reduce the cost.

In order to timely address the complaints of the overseas Pakistanis, the federal government has decided to introduce a Complaint Resolution system and an international call center will be set up.

To settle the new immigrants aboard, the government is also working to provide them financing.

Government is also going to launch “Mohsin-e-Pakistan” Award for the overseas Pakistanis to honor their services for the country.

Minister Finance said that these initiatives show the government’s will to facilitate the overseas Pakistanis and appreciate their services for the country.

Copyright Business Recorder, 2024