Pakistan Announces Incentive Scheme for Remittances from Overseas

The government of Pakistan has announced an incentive scheme for individuals sending money from abroad through banking channels. Shaukat Tarin, the Finance Minister, revealed that an allocation of 20 billion rupees has been made for this incentive scheme, which is aimed at encouraging overseas Pakistanis to remit funds through official channels, allowing their relatives in Pakistan to receive the money without any additional costs.

Finance Minister Shaukat Tarin stated that the Golden Earth Remittances Scheme has been devised for overseas Pakistanis. Under this scheme, individuals making remittances of 100 dollars or more will be able to receive their transactions in Pakistan without any charges.

Furthermore, the Finance Minister announced that reward points would be granted to those who send remittances through official channels. These reward points can then be utilized to avail services and purchase items from various government agencies at subsidized rates. Additionally, a significant number of remittance senders will be eligible for cash prizes through a lucky draw system.

The government also plans to provide incentives to exchange companies involved in facilitating remittances through legal channels. Marketing incentives will be offered to these companies in exchange for promoting remittances through official banking channels.

This incentive scheme aims to promote the use of legal channels for sending remittances, which will not only benefit overseas Pakistanis by ensuring that their hard-earned money reaches their families in Pakistan without any extra charges but also boost the country’s foreign exchange reserves. Encouraging remittances through official banking channels helps strengthen the formal financial system and contributes to the overall economic stability of Pakistan.

By offering rewards and incentives to both remittance senders and exchange companies, the government hopes to motivate more individuals to choose legal channels for sending money to Pakistan. This initiative aligns with the government’s efforts to enhance the ease of doing business, promote financial inclusion, and ensure transparency in financial transactions.