Efforts required to facilitate expats with internet banking: Mian Anjum Nisar

January 31, 2019: Overseas Pakistanis must be facilitated to open their dollar account in the country and transfer their earnings through internet banking, said Chairman Businessmen Panel for Federation of Pakistan of Chambers of Commerce and Industry (FPCCI), Mian Anjum Nisar.

In a statement on Thursday the senior business leader said concerted efforts are required to encourage overseas Pakistanis to place their foreign currency in Pakistani banks and that government must announce special measures for the purpose.

Expatriate as well as overseas Pakistanis could play an important role in improving the country's financial condition through remittances, emphasized the senior leader of the country's business community.

"Pakistan can receive over $30 billion via foreign remittances if bottlenecks and challenges being faced by bank and money transfer exchanges are removed," said Mian Anjum Nisar.

To streamline the process, he suggested that State Bank of Pakistan, in collaboration with NADRA, could evolve a mechanism enabling overseas Pakistanis to open online bank accounts and raise country's foreign remittance.

This is much needed to boost country's foreign reserves, he said regretting that local banks were not facilitating overseas Pakistanis keen to open foreign currency account.

Our expatriates are largely discouraged to invest through banking channels, he said reiterating that it is high time that SBP may simplify the procedures and facilitate overseas Pakistanis.

Mian Anjum Nisar further suggested that the condition of embargo on non-tax filer also needed to be removed for overseas Pakistanis desirous to open bank account in foreign currency.

This, he said is due to the fact that expatriate Pakistanis earn internationally and pay their taxes in the country where they live and earn.

Mian Anjum Nisar appreciated the efforts of Prime Minister Imran Khan for his efforts to raise country's foreign exchange reserves and said business community seeks some correction in the rupee - dollar parity.

About Free Trade Agreements, the Business Panel Chairman, said no single FTA could be signed during last five years, however, PTI government is expected to expedite country's trade diplomacy and help increase its export base.

(APP)