Azad Jammu and Kashmir (AJK) authorities have requested the federal government for placing regulatory mechanism to monitor money changers' business to encourage genuine remittances of overseas Pakistanis to the AJK. Sources told Business Recorder on Friday that the AJK authorities raised the issue of money changers and remittances during the last meeting of high-powered committee for effective resolution and redressal of complaints received from overseas Pakistanis through Pakistan Citizen portal.
The representatives of the AJK informed that the remittances from overseas Pakistanis from the AJK have declined. This was due to non-regulation of money changers. The AJK officials further pointed out that Securities and Exchange Commission of Pakistan (SECP) is not taking any action because of the jurisdiction issues of the AJK. Therefore, policy intervention is required to put in place regulatory mechanism so that the money changers' business is properly regulated.
In this connection, Special Assistant to the PM on Overseas Pakistanis Sayed Zulfiqar Abbas Bukhari intended to take up the issue with the State Bank of Pakistan (SBP) and SECP through Ministry of Finance.
During the meeting, it was decided that provinces also need to establish their Overseas Pakistanis Commission so as to provide a one stop platform for complaints resolution of the overseas Pakistanis.
The AJK authorities informed the meeting that AJK government has already established Overseas Pakistanis Commission and it is operational.
When contacted, the SECP officials said if the AJK government requests the commission then it would be ready to open its office or branch in the AJK to facilitate corporate sector operating within the jurisdiction of the AJK.