Islamabad: The government is planning new measures to incentivise remittances through formal channels, a news source reported. The proposed measures include NADRA Remittance Card, incentive package of Federal Board of Revenue (FBR), and the introduction of a penalty clause for domestic users of Hawala/Hundi.
A meeting chaired by the Finance Minister was held on October 29, 2018 in the Finance Division to finalise a workable solution for speedy, convenient and low-cost transfer of remittances through e-based formal channels. Plans were also to provide an incentive package to encourage overseas Pakistanis to send their remittances through official channels. Still other measures will focus on keeping the foreign exchange deposits in Pakistan’s banking system.
The National Database & Registration Authority (NADRA) chairman gave a presentation on the proposed NADRA Remittance Initiative/Master Card in the meeting.
The State Bank of Pakistan (SBP) governor, meanwhile, emphasised the importance of M-Wallet Scheme of SBP. He was also of the opinion that the main issue is that the bank has no bank accounts of remitters in countries like Kingdom of Saudi Arabia, UAE and other Middle East countries. He proposed the utilisation of M-Wallet Scheme instead of launching a new NADRA remittances card.
The FBR and SBP will consolidate their incentive packages to be presented in the next meeting.
