Govt modifies remittance scheme to boost formal flows

MG News | September 21, 2023 at 06:03 PM GMT+05:00

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September 21, 2023 (MLN): In order to encourage domestic financial institutions (FIs) to enhance their marketing efforts for mobilizing home remittances though formal channels, the government has made modifications to the existing scheme, as per a notice issued by the Exhcange Policy Department of the State Bank of Pakistan (SBP).

A performance-based incentive will be granted, by the end of this financial year (FY2023-24), to those financial institutions whose home remittance mobilization efforts result in growth in their home remittances from the previous year (FY2022-23).

For any incremental home remittance of the FI up to 5%, between 5%-10%, and over 10%, the cash incentive would be Rs1, Rs2 and Rs3 per USD, respectively, for each slab.

The scheme will be effective from FY2023-24 onwards on perpetual basis.

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