Banks, exchange companies no more required to give details of remittances sent abroad for education

ISLAMABAD: Federal Board of Revenue (FBR) shall not ask banks and exchange companies to provide details of persons sending remittances abroad related to education. Through Finance Act, 2020, the Section 236R of... Read more »

Remittances fall by 18.6 percent in May 2020

KARACHI: The inflow of workers’ remittance has registered 18.6 percent decline in May 2020 due to job losses and closure of borders due to coronavirus. The inflow of workers’ remittances was at... Read more »

Inflows of remittances registers 5.5 percent decline in April

KARACHI: The inflow of workers remittances has registered decline of 5.5 percent in April 2020, State Bank of Pakistan (SBP) said on Monday. Workers’ remittances during April 2020 amounted to US $... Read more »

SBP expands incentive scheme for home remittance promotion

KARACHI: State Bank of Pakistan (SBP) on Wednesday expanded incentive scheme for exchange companies for promoting home remittances through formal channels. The SBP previously on December 06, 2019 introduced the incentive scheme... Read more »

Workers remittances grow to $17 billion in nine months

KARACHI: The inflows of remittances sent home by overseas Pakistanis increased by six percent during first nine months (July – March) 2019/2020, State Bank of Pakistan (SBP) said on Friday. The workers’... Read more »

Overseas Pakistanis send $7.48 billion in four months

KARACHI: Overseas Pakistanis have remitted $7.48 billion during first four months of current fiscal year, which is 1.8 percent lower when compared with $7.62 billion in the corresponding period of the last... Read more »

SBP amends instructions related to acquisition of services from abroad

KARACHI: State Bank of Pakistan (SBP) on Tuesday issued amendment to instructions regarding acquisition of services from abroad by Pakistani firms. Read more »

Import of used vehicles: changes to payment of duty, taxes approved

ISLAMABAD: The government has approved changes to payment of duty and taxes system for clearance of used vehicles, which are allowed to import under three different schemes. Read more »

Overseas Pakistanis send $2.04 billion in July

KARACHI: Overseas Pakistani workers have remitted $2.04 billion in the first month of fiscal year 2019/2020 as compared with $1.98 billion in the same month of the last fiscal year, State Bank... Read more »