Pakistan Launches New Scheme to Attract Foreign Remittances

Pakistan Launches New Scheme to Attract Foreign Remittances

Karachi, September 16, 2023 – In an effort to encourage expatriate Pakistanis to send money back to their homeland, Pakistan has introduced a new incentive scheme.

Caretaker Finance Minister Dr. Shamshad Akhtar unveiled the Home Remittance Incentives Scheme, valued at Rs 80 billion, with immediate steps taken to facilitate remittances from overseas Pakistanis.

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Dr. Shamshad Akhtar, addressing the media in Islamabad, announced that a substantial portion of the allocated funds, twenty billion rupees, has been released for this initiative. She provided a breakdown of the scheme’s components, highlighting measures designed to make remittance processes more attractive for overseas Pakistanis.

Under the scheme, the government will cover all charges associated with telegraphic transfers of funds exceeding $100 by overseas Pakistanis. This move aims to enable remitters to send money without incurring any costs.

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Dr. Shamshad Akhtar further disclosed that the government will provide participating banks with twenty Saudi Riyals for offering this fee-free service to remitters.

In another aspect of the scheme, named “Sohni Dharti,” remitters can accumulate points over time, which they can later redeem for additional benefits.

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The Finance Minister also emphasized that the government plans to incentivize the marketing of home remittances. Additionally, lucky draws will be organized for remitters who utilize legal channels to send their money back to Pakistan.

Dr. Shamshad Akhtar reassured the support of banking channels for home remittances and urged overseas Pakistanis to take advantage of this scheme by utilizing legal channels to send money to their loved ones.

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This initiative represents Pakistan’s commitment to facilitating and encouraging remittances from its overseas diaspora, which play a significant role in the country’s economy and help support the financial well-being of many families in Pakistan. The Home Remittance Incentives Scheme is expected to provide tangible benefits to both remitters and the Pakistani economy as a whole.

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