Karachi: Businessmen Panel chairman Mian Anjum Nisar has given a suggestion to open online banking accounts for overseas Pakistanis, a news source reported. He has requested the government to consult the State Bank of Pakistan (SBP) to plan a mechanism with the help of the National Database & Registration Authority (NADRA).
Nisar opined that the said measure will facilitate the process of foreign remittance transferrals. Additionally, it will boost the foreign reserves of the country.
He urged the government to equip overseas Pakistanis with dollar accounts in the country – to enable them to transfer money through internet banking channels. This provision will motivate these individuals to put their foreign currency in Pakistani banks. Currently, local banks offer no facility to overseas Pakistanis for opening a foreign currency account. This discourages them from investing in the country’s own banking channels.
Nisar stressed that SBP needs to simplify banking procedures for expatriates. Doing so can help Pakistan receive over $30 billion through foreign remittances.
Nisar also raised the issue of the tax filing conditions currently imposed on the process of opening foreign currency accounts. He said that these cuts pose difficulties for overseas Pakistanis, who already pay taxes in the countries they reside in.
Expressing his concerns, Nisar nevertheless said that Pakistan’s reserves were headed towards a comfortable position. But the business community requires some adjustments in the rupee’s value against the dollar, he added.
Nisar suggested that the rupee would become more stable if foreign reserves were raised to the $15 billion mark. He also appreciated the efforts of the government in seeking a Free-Trade Agreement (FTA) with China and Turkey, under its active trade policies framework.
