EconomyPakistan

Pakistan’s New Home Remittance Incentives Scheme: A Boost for Overseas Pakistanis

Finance Minister Dr. Shamshad Akhtar has unveiled an ambitious Home Remittance Incentives Scheme worth 80 billion rupees to encourage Pakistanis living abroad to send money back home through legal channels. The scheme, announced in Islamabad, aims to facilitate remitters and boost the country's economy through increased remittances.

Immediate Funding

Dr. Shamshad Akhtar wasted no time kickstarting this groundbreaking initiative, allocating an initial 20 billion rupees for immediate implementation. This substantial investment demonstrates the government's commitment to supporting overseas Pakistanis and streamlining sending money back home.

Free Telegraphic Transfers

One of the standout features of this scheme is that the government will cover all charges incurred on telegraphic transfers of funds worth $100 or more by overseas Pakistanis. This means that remitters can now send money to their loved ones in Pakistan without incurring additional costs, making it an attractive option for those working abroad.

Participatory Bank Incentives

To encourage banks to participate in this scheme, the government will provide participating banks with a payment of twenty Saudi Riyals for offering this service to remitters. This financial incentive benefits the remitters and the financial institutions involved, fostering greater collaboration and efficiency.

Sohni Dharti: Accumulating Benefits

Under the "Sohni Dharti" category, remitters can accumulate points for their transactions. These points can later be redeemed for additional benefits, creating an engaging and rewarding experience for those sending money home. This innovative approach adds a layer of excitement to the remittance process.

Incentivizing Marketing

Recognizing the importance of marketing in promoting home remittances, the government will also provide incentives for marketing efforts. By encouraging financial institutions to market their remittance services effectively, more overseas Pakistanis can become aware of the benefits of utilizing legal channels to send money back home.

Lucky Draws for Legal Channels

The scheme includes lucky draws to further encourage the use of legal channels for remittances. Remitters who choose to send their money through legal means will have the chance to participate in these draws, with the potential to win valuable prizes. This element adds an element of excitement and rewards to the responsible transfer of funds.

Banking Channel Support

Dr. Shamshad Akhtar emphasized the unwavering support of banking channels for home remittances. She urged overseas Pakistanis to take advantage of this scheme and utilize legal channels for sending money to their loved ones. By doing so, they can benefit from the government's incentives and contribute to the country's economic growth.

 

Pakistan's Home Remittance Incentives Scheme represents a significant step in fostering greater financial inclusion, encouraging overseas Pakistanis to send money through legal channels, and ultimately boosting the country's economy. With the government's financial backing and a range of incentives, this initiative aims to create a win-win situation for remitters and financial institutions while reinforcing the importance of responsible and legal remittance practices.

Finance Minister Dr. Shamshad Akhtar has unveiled an ambitious Home Remittance Incentives Scheme worth 80 billion rupees to encourage Pakistanis living abroad to send money back home through legal channels. The scheme, announced in Islamabad, aims to facilitate remitters and boost the country's economy through increased remittances.

Immediate Funding

Dr. Shamshad Akhtar wasted no time kickstarting this groundbreaking initiative, allocating an initial 20 billion rupees for immediate implementation. This substantial investment demonstrates the government's commitment to supporting overseas Pakistanis and streamlining sending money back home.

Free Telegraphic Transfers

One of the standout features of this scheme is that the government will cover all charges incurred on telegraphic transfers of funds worth $100 or more by overseas Pakistanis. This means that remitters can now send money to their loved ones in Pakistan without incurring additional costs, making it an attractive option for those working abroad.

Participatory Bank Incentives

To encourage banks to participate in this scheme, the government will provide participating banks with a payment of twenty Saudi Riyals for offering this service to remitters. This financial incentive benefits the remitters and the financial institutions involved, fostering greater collaboration and efficiency.

Sohni Dharti: Accumulating Benefits

Under the "Sohni Dharti" category, remitters can accumulate points for their transactions. These points can later be redeemed for additional benefits, creating an engaging and rewarding experience for those sending money home. This innovative approach adds a layer of excitement to the remittance process.

Incentivizing Marketing

Recognizing the importance of marketing in promoting home remittances, the government will also provide incentives for marketing efforts. By encouraging financial institutions to market their remittance services effectively, more overseas Pakistanis can become aware of the benefits of utilizing legal channels to send money back home.

Lucky Draws for Legal Channels

The scheme includes lucky draws to further encourage the use of legal channels for remittances. Remitters who choose to send their money through legal means will have the chance to participate in these draws, with the potential to win valuable prizes. This element adds an element of excitement and rewards to the responsible transfer of funds.

Banking Channel Support

Dr. Shamshad Akhtar emphasized the unwavering support of banking channels for home remittances. She urged overseas Pakistanis to take advantage of this scheme and utilize legal channels for sending money to their loved ones. By doing so, they can benefit from the government's incentives and contribute to the country's economic growth.

 

Pakistan's Home Remittance Incentives Scheme represents a significant step in fostering greater financial inclusion, encouraging overseas Pakistanis to send money through legal channels, and ultimately boosting the country's economy. With the government's financial backing and a range of incentives, this initiative aims to create a win-win situation for remitters and financial institutions while reinforcing the importance of responsible and legal remittance practices.

 

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