Islamabad: The Economic Coordination Committee (ECC) on Wednesday (August 11) approved the National Remittance Loyalty Programme (NRLP), which includes incentives for overseas Pakistanis to boost the inflow of remittances, media sources reported.
The ECC meeting chaired by Finance Minister Shaukat Tarin approved the programme’s structure and anticipated financial impact of the NRLP to encourage remitters to send funds through formal channels, in a bid to maintain the inflow of remittances.
Under this initiative, remitters who send remittances to Pakistan will get incentives and rewards based on the point’s accumulation structure. As per the details shared, this programme would cost the national exchequer PKR 13.1 billion.
In the meeting, Finance Minister Shaukat Tarin ordered the authorities concerned to do due diligence before the launch of the programme to ensure seamless integration and smooth working. The formal launch of this scheme is being planned with effect from October 1, 2021.
As per the scheme, 1% reward points on the remittance of USD 10,000, 1.25% reward on remittance up to USD 30,000 and 1.5% reward points on the amount above USD 30,000 will be offered. The remitters will be rewarded based on this criterion and incentives can be availed through the redemption of points.
Moreover, NRLP will have three tiers; Green, Gold, and Platinum with a built-in feature ‘Virtual Loyalty Card’. Through this, the remitters will be registered as primary users and can add one supplementary user as a beneficiary. In addition, an iOS and android based mobile app has been developed in both English and Urdu. The development and operating costs have been borne by banks. All the home remittances through formal channels are eligible to the scheme, including funds received via Roshan Digital Accounts.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
