Government expecting $21 billion in foreign remittances during the current fiscal year

ISLAMABAD, March 9: Spokesman of the Finance Ministry Dr Khaqan Najeeb Saturday said the country was expecting to receive $ 21 billion foreign remittances during the current fiscal year.

A significant increase was expected in investment of the Pakistan Banao Certificates as about 4,000 applicants had so far got themselves registered for their purchase, Najeeb said in a statement issued here.

He said there would be no deduction on premature cash withdrawal of the certificates in rupee. The interest rate of the Pakistan Banao Certificates was higher as compared to the similar certificates introduced by other countries.

The spokesman said the decision with regard to extending last date for the purchase of certificates would be taken in June. Foreign remittance account was mandatory for purchase of the certificates, he added.

He said the funds generated through the certificates would be spent on development of infrastructure and social sectors.

(APP)