Govt to announce special package of incentives for overseas Pakistanis to send remittances
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Prime Minister Imran Khan, via Twitter on Friday, announced that the government will announce a "special package of incentives" for overseas Pakistanis to encourage them to send remittances through banking channels.
PM Khan said that by "removing hindrances and procedural issues", the government will be able to increase the inflow of remittances from $20bn to "at least $30bn and perhaps even $40bn".
"The Philippines did this successfully," he added.
PM Khan also vowed to remove problems faced by overseas Pakistanis during the immigration process when they come to Pakistan. He added that Pakistani missions abroad had also been ordered by the government to "look after and deal effectively with the concerns" of overseas Pakistanis.
He assured that his administration will take steps to protect overseas Pakistanis' property and assets in the country, "especially from land mafias".
Overseas Pakistanis form a significant part of PM Khan's administration. Weeks after his party won the July 25 election, Finance Minister Asad Umar declared that the Pakistan Tehreek-i-Insaf government will focus on growing home remittances to supplement foreign exchange inflows.
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Comments (175) Closed
Oct 12, 2018 03:54pm
Prime minister understands that overseas Pakistanis are ATMs for the country. They have to be treated well so the money could be withdrawn from these ATMs.
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Oct 12, 2018 03:57pm
How is he growing beautiful each passing day.
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Oct 12, 2018 04:02pm
@Surya Kant Agrawal - because somebody only see his pic, not read the news :)
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Oct 12, 2018 04:05pm
Focus on expansion of tax net and exports. These are the only steps which will make Pakistan rich perpetually.
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Oct 12, 2018 04:05pm
@Surya Kant Agrawal wakeup my friend ...there us no policy at all
Do you see any workable or actionable policy ...there are just cosmetic announcements ...
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Oct 12, 2018 04:05pm
@Surya Kant Agrawal - When you have a good heart & soul, it shows on face :)
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Oct 12, 2018 04:13pm
Overseas Pakistanis mostly use financial services via world wide web. Why does not the government of Pakistan allow PayPal or similar service that overseas Pakistanis can avail from their smart phones to send money to Pakistan? Such services are already linked to banks both at source and destination. Ex. Ministers Anusha Rehman and Khurram Dastgir both announced legislation for PayPal but there was no progress. Do it and see the results.
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Oct 12, 2018 04:20pm
I have returned a few years back after spending over 25 years abroad. I was protected by the Protectorate of Immigrants by charging a prescribed fees. But, nothing was protected. Even Ministry of Overseas Pakistanis when contacted, did not provide any assistance whatsoever. When my children grew up, I tried to get them enrolled in OPF school in Islamabad. It is highly shameful fact that, despite all my efforts and several visits, I failed to get even a single out of my 4 children admitted in the OPF school. A visit and survey today to see how many children in OPF school Islamabad are children of overseas Pakistanis, would prove the fact.
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Oct 12, 2018 04:20pm
Well so far, only words no actions.. It's remain to see what he will do for his tall claims. So far its all going opposite related to inflation, Loans,Gas/pertrol price.
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Oct 12, 2018 04:23pm
@Surya Kant Agrawal: Jamima did not fall to any ordinary. Being half of his age then, still she fell desperately for him and even changed her religion to become his better half.
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Oct 12, 2018 04:27pm
@ARIF a government can focus on more than one thing at a time.
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Oct 12, 2018 04:30pm
The methodical and practical procedure for bringing around 98% of overseas remittance officially thru banks must immediately stop hardcore practice of under invoicing of import of the goods being done thru FBR/ Custom to pay less duty by the importer.The genuine increase in price of imported items will reduce their demand and thus substantially reduce our import bill.Corruption at all levels including traffic constable level must be dealt with iron hand, we can surely increase remittance by US$20 billion yearly.All exchange companies and other offices must be closed as they are the places where Hawala business start and suited to PMLN and PPP.
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Oct 12, 2018 04:35pm
@Harmony-1© Or a plastic surgeon
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Oct 12, 2018 04:36pm
Enough of Tweets - please announce and implement the package.
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Oct 12, 2018 04:38pm
There’s great hope on overseas Pakistanis who should remit as much money as possible to lift the country from economic abyss.
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Oct 12, 2018 04:46pm
PM says by removing hindrances and procedural issues, the inflow of remittances could be increased to "at least $30bn". Or so he has been told. Overseas workers have to make the money first. More guest workers is not the answer.
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Oct 12, 2018 04:46pm
@MILF_Hunter: Is this something you know and we don't else or just some nonsense as usual?
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Oct 12, 2018 04:47pm
The Philippines is smarter than the Pakistan superpower? How did that happen?
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Oct 12, 2018 04:50pm
Preparing for by elections with overseas Pakistanis enrolled? Just talk in the air as before, no actual steps.
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Oct 12, 2018 04:50pm
It is very encouraging to be honest to read PM Imran words quote ‘Had an extensive meeting this morning on Overseas Pakistanis’ but I dare to ask PM, if not annoying, as to how and who overseas Pakistanis he has met, if any, or did he meet the officials working with Overseas Pakistanis Ministry / Division? I have my very serious doubts if those living in Pakistan know what difficulties their compatriots face living overseas. I suggest that PM Imran should extend an open invitation to overseas Pakistanis to meet him in Islamabad say after a month to apprise him the hurdles they face in the foreign lands and give suggestions how to deal with them. Of course, Pakistanis will come at their own expense. Let me corroborate my statement by saying that in each country including Pakistan and Kuwait ambassadors’ conference is called after two years if not annually to hear from ambassadors about the ground realities despite the fact the each ambassador is in constant contact with foreign ministry through email, whasapp, phone, fax and diplomatic pouch. Wait to hear the good news. IqbalHadi Zaidi
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Oct 12, 2018 04:50pm
@MILF_Hunter or an old photo
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Oct 12, 2018 04:51pm
Overseas Pakistanis should be encouraged to use the national carrier giving them some incentive on the ticket
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Oct 12, 2018 04:51pm
@freshsoomro Thanks, a very wity answer to a ...... hero worshippers
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Oct 12, 2018 04:54pm
Use Paypal or other similar channel and tie ups with Pakistan Banking channel to remit the funds from overseas Pakistanis.
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Oct 12, 2018 04:56pm
@Surya Kant Agrawal Why you Indians are jealous and in pain.. :P
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Oct 12, 2018 05:03pm
Mr. Prime minister, Bank of America is no longer saving Pakistan. Pakistan is used to handouts. With that mindset, we will be back to asking for handouts in another year. When we return back home, we always remember how we are treated at the airport!
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Oct 12, 2018 05:07pm
First fix up your immigration department at the Karachi Airport, where Overseas Pakistanis with foreign passports have to stand for hours in line to get into Pakistan. Close all the loopholes and stop import of all the luxury items on which precious foreign exchange is wasted. Reign in your rich who waste the foreign exchange of Pakistan on the foreign travels and stop them from bringing foreign items to remove burden on the poor of the country. Save those dollars, only than you can ask remittance from the overseas Pakistanis, who love their country, but are not willing to send the money so that the rich can live in luxury.
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Oct 12, 2018 05:08pm
Enough of tweeting ...start acting!!
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Oct 12, 2018 05:09pm
Good initiative. Hope it benefits people...
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Oct 12, 2018 05:10pm
Well done! Overseas were ignored by all. IK's initiatives to facilitate them are great.
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Oct 12, 2018 05:15pm
good decision
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Oct 12, 2018 05:22pm
Thank You Imran Khan. Keep up the good work. Pakistan loves you.
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Oct 12, 2018 05:23pm
Overseas Pakistanis are most important resource as they can easily increase remittances to $40 billion annually, which would be invaluable for the economy. That is more than the exports of $25 billion. PM Imran Khan is doing the right thing by removing bureaucratic hurdles and guaranteeing their assets, especially land and property are protected. It was failure of PPP and PML governments in the last 10 years not do so, but then they didn't care for hard working and patriotic overseas Pakistanis.
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Oct 12, 2018 05:28pm
@Omer 7400 are registeted overseas voters.
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Oct 12, 2018 05:29pm
Yes please, it is badly needed- the customer service at Pak banks is terrible. Also encourage them to send funds in foreign currency by setting up FE 25 accounts.
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Oct 12, 2018 05:31pm
I wonder if the Pakistan Embassies will help to protect properties belonging to overseas Pakistanis which has been taken over by Land Mafia.
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Oct 12, 2018 05:32pm
Remittances shall dry now once again till a dollar fetches more than 150 rupee.
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Oct 12, 2018 05:32pm
He is still dreaming. Unable to face reality. It is time he starts to act like a leader
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Oct 12, 2018 05:34pm
Rather than luring overseas Pakistanis why don't he come down hard on the rich Landlords and impose and enforce Agriculture Tax on them?
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Oct 12, 2018 05:35pm
Once again IK please focus on measures to bring up the country rebuild industry infrastructure exports education take hard measures to cut down on expenses across the board, there are no short cuts
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Oct 12, 2018 05:36pm
Overseas Pakistanis do not trust Asad Umar and Zulfi!
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Oct 12, 2018 05:37pm
Provide free electricity and gas to all industries but make sure they all pay taxes including their employees. Country will prosper.
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Oct 12, 2018 05:40pm
What package for over seas When we visit our country all sort of problems we face When we go to bank to deposit foreign exchange bank officials say we are not tax filer we can't deposit in foreign exchange account when we go try to buy property or car can't buy because we are non tax filer. So why pakistani people working aborad come and invest or send money to home. We pay taxes abroad as foreign countries reqirement so why should we pay 2nd tax in pakistan . If gov want our tax they should ask foreign countries to exempt us there so tax office in pakistan deduct .
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Oct 12, 2018 05:40pm
@freshsoomro News is equally beautiful!!!
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Oct 12, 2018 05:41pm
With low literacy rate in many areas, there is a flourishing parallel black economy 35 - 45% of official GDP, operating in Pakistan. These preferred mode of dealings in liquid cash, collected within the country through unfair means- corruption, drugs & other contrabands smuggling, rather using normal banking channels, gives rise to tax evasion, money laundering, and other crimes. The main cause of sustainability of this black economy is existence of venues - illegal money changers, Hawala/ Hundi operators & human carriers, which aid in inflow /outflow of cash from country. IK apart from making easy accessibility and good service by our banking offices abroad, through a legislation, must plug in the aforementioned providing a bloodline of black economy, will provide boost to our ailing economy. This approach coupled with providing extra monetary incentives as promised, to the bulk of expatriates of illiterate labor force from poor families working in the ME, will enhance remittances.
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Oct 12, 2018 05:42pm
I have been waiting for this opportunity to open bank account and invest in Pakistan. Good news.
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Oct 12, 2018 05:45pm
Issue isnt so much what the recieving end in Pakistan charges, it’s what banks abroad charge for a wire transfer. e.g. Canadian Bank charges $20 for a wire transfer while western union charges almost half of that.
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Oct 12, 2018 05:47pm
its is a big change that now our Prime Minister tweets........
Wish IK all the best on this tough journey....Aameen
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Oct 12, 2018 05:48pm
@M. Saeed
Surely you returned in the aera of PML-N. The new government has taken oath about 8 weeks ago!
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Oct 12, 2018 05:50pm
Lip Service by a Selected PM
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Oct 12, 2018 05:52pm
Good. But I am still unable to send money from USA to Pakistan using Pakistani banking channels. Is someone listening?
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Oct 12, 2018 05:52pm
@WASEEM MALIK and what about local pakistanis who will not pay inflated gas, electricity, food bills with same old salary?
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Oct 12, 2018 05:54pm
Pipe dream of running country on donations and remittances.
The Rupee is nose diving & no amount of investment will return any profit.
So far this year foreign investment lost around 40% just on exchange rates.
Good luck finding gullible overseas pakistanies
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Oct 12, 2018 05:56pm
Most important are Tax reforms, is anyone working on it?
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Oct 12, 2018 05:59pm
Let's wait for incentives
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Oct 12, 2018 06:00pm
I send money to pakistan for last 10 years and never had any problem but it seems this selected pm will do something now to make it harder.
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Oct 12, 2018 06:04pm
Yes indeed. Only You can do it IK.
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Oct 12, 2018 06:06pm
I don't know why he is fixated on Overseas Pakistanis. We remit money to Pakistan as needed. Pakistan is not an attractive investment opportunity OP's when they can safely invest in their country of residence. IK's incentive should include guaranteed safe investments of OPs with attractive returns.
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Oct 12, 2018 06:07pm
Must thank PM Imran Khan for swift response about incentives idea.
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Oct 12, 2018 06:11pm
currently I am not aware of any issues for overseas Pakistanis esp from USA and UK to remit money using banking channels. Currently overseas Pakistanis can send any amount to Pakistan.So what is the problem he is promising to resolve?
protect overseas Pakistanis' property and assets in the country, "especially from land mafias".should be highh on the list. Most of our RE agents defraud buyers and sellers today. We need a process to fix this.
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Oct 12, 2018 06:16pm
@FIDA SAYANI Alhamdolillah never experienced any inordinate delays at immigration at Karachi airport while traveling to and from the UK.
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Oct 12, 2018 06:20pm
Keep on the good work IK, you will be a star and lead Pakistan to victory once again . Just root out the corruption .
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Oct 12, 2018 06:21pm
Government must controle the Banks, specially HBL which is cheating the Overseas.
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Oct 12, 2018 06:22pm
As an overseas Pakistani, I highly appreciate the initiative ever taken by a sitting PM of Pakistan. Its a well thought project and is with good intentions.
My suggestion is to establish a central office in Islamabad with should facilitate the investment plans by the oversea such as plots and business investments under one roof. In the past our hard earn money has been grabed by patvarees and land grabbers.
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Oct 12, 2018 06:22pm
Foreign remittances are not a panacea to fixing the fundamental imbalances in the economy, though I agree they will be of some help.
Sort out the fundamentals!
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Oct 12, 2018 06:25pm
Every Pakistani Government has played this game with overseas Pakistanis. Thank you Mr.Khan, not my money.
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Oct 12, 2018 06:27pm
GREAT and significant.focusing on such small, small things and improving working culture will boost confidence in overseas citizens then not only they will use proper channel instead they will himself instead invest in Pakistan and encourage others
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Oct 12, 2018 06:30pm
@M1 Jamal . No narrow thoughts like closing the exchange business, just more regulations for sale & purchase.
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Oct 12, 2018 06:30pm
Yes, he will, same as he did for Pakistanis residing in Pakistan. oil price increased, gas price increased, electricity price increased, 10% inflation and so on.
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Oct 12, 2018 06:37pm
House is the first thing which oversees Pakistani want to construct in our country. I am sure alot of oversees Pakistani not purchasing land and not constructing house because they don't trust our institution and afraid of cumbersome procedures. It is time that for oversees Pakistani housing socities in Lahore , Karachi and Islamabad may be established under the gurantee of Government of Pakistan and payment must be received in foreign currency only.
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Oct 12, 2018 06:43pm
I am an overseas Pakistani who invested in Eden Housing Limited.Now the case of Eden Housing Limited Scam is under the investigation of NAB. I want PM Imran Khan to take personal interest in this matter and make sure that the criminals of Eden Housing Limited Scam are put behind the bars.
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Oct 12, 2018 06:47pm
Thinks are worsening each passing day. Missing priorities. People will eat and live his promises for next five years.
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Oct 12, 2018 06:48pm
Imran Khan is known to speaking high and taking U-turn, therefore, lets wit and see what he got in his basket.
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Oct 12, 2018 06:50pm
Imran Khan should remove non-filer taxes on each bank transaction and let Overseas Pakistanis open dollar accounts in Pakistan. Build trust and gain trust.
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Oct 12, 2018 06:51pm
All talks and promises no specifics how? I would come back with my millions $ if you announce concrete steps
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Oct 12, 2018 06:54pm
@WASEEM MALIK only talks no specifics who believe him
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Oct 12, 2018 06:54pm
From $20B to $30B perhaps $40B. PM is talking in the incremental of $10B without being noticed because people here are rather impressed with his looks than what he is saying. So, I could safely say that even $50B remittance is possible if overseas Pakistani's spend nothing and send every dime they earn to Pakistan.
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Oct 12, 2018 07:00pm
As of today overseas Pakistanis cannot purchase a car in Pakistan and cannot buy a property more than 50 Lakh if they are non-filer. Please do something about it.
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Oct 12, 2018 07:02pm
Get the Pakistani banks in other countries to get their lazy acts together and provide hassle free payments to Pakistan. Make them cheaper than money transfer companies who mostly use jewelers and others and have no complete use of SWIFT /CHAPS banking transactions. Hence making these remittances useless for the economy!
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Oct 12, 2018 07:03pm
Atleasr He is taking initive to proect overseas Pakistani, the remittance can be increase over 20 billion if approperiat steps taken
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Oct 12, 2018 07:03pm
We are counting on you Mr PM. Thank you.
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Oct 12, 2018 07:10pm
@IQBAL HADI ZAIDI I apologize to add that your propose meeting at best would be a happening as highlighted in a Persian saying “ Nishastan, Khordan wa Barkhastan” meaning sitting together, eating & leaving without any outcome. Much would be deliberated & finalized but fizzle out during implementation because of psyche of our non performing govt. institutions due to lack of accountability & general lethargy and indifferent attitude to change in the conduct of officials manning these outposts. Unless an oversight committee comprising of general public does not get involved, all these idealistic day dreaming will dissipate before even materializing. IK has a very difficult ordeal, a basket full of financial issues in hand,a team of inexperienced managers / implementers & non cooperating bureaucracy which is the biggest hurdle to bring his ambitious change to the pathetic & people unfriendly state of affairs in the country. Unless a miracle happens, this change will remain a mirage for us
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Oct 12, 2018 07:13pm
So no more "Hundi" now since you are in government now?
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Oct 12, 2018 07:16pm
Desperate step to get Overseas Pakistanis to send some money home. The appeal to their patriotism to send 2000 USD home, 1000 for the dam and 1000 for the balance of payment fund obviously did not work. The government has to realise that things are not the best out in the world too and overseas Pakistanis are not the richest community.
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Oct 12, 2018 07:18pm
Bestest PM ever. The entire nation and the army Salutes and follows the wise guidance PMIK. Super diplomacy
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Oct 12, 2018 07:23pm
So the treasury can only be increased via remittance? Nothing else matters? Always who are mistreated by PIA, passport people, taxi at the airport, customs and innumerable other leaches. Government budgets cannot operate on remittances only.
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Oct 12, 2018 07:26pm
I hope he can talk to Saudi government to release our overdue amount in the form of unpaid salaries of Saudi Oger.
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Oct 12, 2018 07:30pm
Work on people, you don’t need to beg
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Oct 12, 2018 07:37pm
Mr. PM you will be most welcomed if you institute and remove rules that prevent money transfers from overseas to Pakistan. Plus direct these Pakistani consulates to help and assist overseas Pakistanis in visa and National ID cards procurements.
Remove incompetent employees in overseas Pakistani consulates and embassies planted by PML-N.
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Oct 12, 2018 07:37pm
First thing that the overseas Pakistanis will like , is to let them bring anything without custom duty, The custom officers are waiting like Vultures to prey on these poor overseas Pakistanis .The duty is seldom paid, all the bribe go into their pockets
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Oct 12, 2018 07:44pm
Let's wait and see what package he offers.
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Oct 12, 2018 07:45pm
Efficient system of delivery, and reduced service charges by Pakistani banks can help a lot. In this connection coordinated efforts of your embassies abroad can help a lot. Imran Khan's one round trip to Emirates, and Europe/America/Canada can bring the desired results.
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Oct 12, 2018 07:47pm
Biggest problem is difference of exchange rates and excessive fees charged by companies & banks. For example if in open market 1$ is 130 rs then companies offer 121 rs and then change 7$ charge for transferring 100$.. If govt can fix this issue, I think will help to improve inflow.
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Oct 12, 2018 07:47pm
Living abroad don't want to send money because our investment is not safe. Lots of thieves and thugs are there to suck our money because rules always changes with each passing day
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Oct 12, 2018 07:59pm
@FIDA SAYANI agree overseas can't operate their on foreign exchange account bank officials ask tax filer no to deposit money in your own account pathetic approach by FBR or state bank policy can't buy property or invest in property need tax filer no another joke. If a person in country fine you need tax no bit if person living abroad why he need he is paying taxes in a country where he is living. If gov interested in overseas people to pay tax than they shuld ask others counrltries to give tax free salary so pakistani gov can take tax. Obviously why foreign counry do this . If we live in foreign countries they give lots of benefits aswell like health care unemployment benfit etc what overseas get when landed big zero and headache .
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Oct 12, 2018 08:08pm
@ARIF that is in the pipeline but first removing the corrupt from the top and dealing immediately with an empty treasury. Next will be clean up of institutions, then the money earning areas. All going good.
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Oct 12, 2018 08:12pm
@ARIF, he needs to look at every possible prospect of growing remittance and every opportunity available to bring prosperity. And I like his mindset of looking at successful models around the world ( specially third world Asian countries), like Malaysia , Indonesia, Singapore etc. No need to reinvent a wheel when a tried and tested possible solution available.
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Oct 12, 2018 08:19pm
Incentives should include "Well come Home" rather than hard time on arrival. There should be priorities for overseas Pakistanis to buy cars and property and set up small businesses , one window. Embassy should facilitate visa to overseas Pakistanis rather than harass them. A change of attitude by Government agencies is necessary to take advantage of diaspora
PM should visit key cities and countries to make overseas Pakistanis a part of Pakistan. Other countries have done this very successfully in recent years and change is visible to those who live outside..
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Oct 12, 2018 08:34pm
What is the package? Why it is announced jist couple of days before by elections? We overseas Pakistanis support you. No need to throw a fishing tackle. Do something implement it.. We want our investments secure and grow. Currently it is not so...
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Oct 12, 2018 08:35pm
Ok. Dear PM now please take actions for overseas Pakistanis who invested all their savings in Bahria town karachi...!
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Oct 12, 2018 08:36pm
@FIDA SAYANI Great - very well said Sir!
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Oct 12, 2018 08:47pm
Unless you impose and properly collect the tax on agri income of waderas and chaudrtes this country will never improve...
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Oct 12, 2018 08:53pm
It's a fairly simple problem to solve. Create NRP bank accounts for inward remittances, and stop charging 0.6% withholding tax on banking transactions from these NRP accounts. Instead, give attractive exchange rate and profit rate. Remittances are legally non-taxable but every rupee transferred by banking channels today gets hit with 0.6 Paisa per rupee deduction when one later needs to withdraw this money from bank account. This is actually an extortion since NRPs have no local income and do not file tax return so cannot recover this deduction. It's much more easier and profitable to simply carry cash dirhams, dinars and riyals in this scenario. Not sure why finance geniuses sitting in the state bank or govt can't see this.
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Oct 12, 2018 08:59pm
Pakistan should setup something like RIA financials to transfer money.
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Oct 12, 2018 09:03pm
If you give overseas Pakistanis conversion rate to dollar more than 10 rupees over published rates, they may transfer otherwise all knows rupees is going downhill in a speed so why anybody would transfer any money to lose immediately.
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Oct 12, 2018 09:09pm
@Karachi Wala Which package?
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Oct 12, 2018 09:16pm
If FATF is implemented, it might even go down to $10b
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Oct 12, 2018 09:18pm
If Pakistan govt work on to provide some reasonable and better service to send money to Pakistan they will get benefit and money will flow ...currently there are no good service available to send money.... what is the role of Pakistai Banks in overseas? if they can not transfer money? Even if some Banks provide this service... first of all this service is expensive your receiver will get less money if you use other channel you will have better rate...second the process of receiving money is not very good... I used to use National Bank and UBL to send money from US .. UBL stop giving this service ... National Ban still have but very complicated it take long time and very expensive to send thru National Bank.
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Oct 12, 2018 09:45pm
Fantastic! This should have been done 20 years ago. But never too late.
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Oct 12, 2018 09:50pm
Another excellent move by PM Khan. Overseas Pakistanis want to and will use banking channel if government offers protection and makes it easy for them: Complete the regularity reform of the banking system and introduce consumer protection laws. The banks should give them the same rate of exchange as the open market; the banks should be prohibited from charging exorbitant transaction fees which are discretionary; eliminate withholding tax on bank transactions because overseas Pakistanis do not file tax returns in Pakistan because they are tax payers in the country of their residence and not in Pakistan
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Oct 12, 2018 10:01pm
Day dreaming is bad habit better to think some other option
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Oct 12, 2018 10:07pm
@M1 Jamal excellent point sir
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Oct 12, 2018 10:14pm
Overseas Pakistanis have always supported the country, however there has never been a coherent approach to engage with the diaspora.
The Pakistani Community Welfare Attachés have a role to play by being proactive and engage grassroot Pakistanis.
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Oct 12, 2018 10:19pm
Just a small bandage will not cover the hemorrhaging economy. Pakistan needs to encourage investments, improve exports, broaden tax base, invest in infrastructure, provide better environment for foreign investors, reduce corruption etc. Stop majoring in minors.
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Oct 12, 2018 10:20pm
Remove all tarrifs and taxes on calls to Pakistan. That would be huge.
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Oct 12, 2018 10:20pm
We don’t feel secure with our money in Pakistan
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Oct 12, 2018 10:36pm
All we ask is to provide security ..security and security ..besides level playing field for investment. We are fighters. We're tough, resourceful and creative, and if we have the chance to fight on a level playing field, where everyone pays a fair share and everyone has a real shot, then no one - no one can stop us.
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Oct 12, 2018 10:55pm
Such a liar..u turn.. Sorry.. no money for u...
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Oct 12, 2018 11:01pm
Obviously this alone will not fix the issue of forex reserves but it is one of the most important and easiest step to be taken in the right direction. It's mind boggling why all previous administrations have been ignoring this. Only explanation I can come up with is that they were probably enjoying the loot n plunder of properties of overseas Pakistanis themselves.
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Oct 12, 2018 11:02pm
Thank you PTI, our current issues are the taxes by Land Mafia, we are not even spared for being an overseas Pakistan, Please ask somebody to contact, I am staying in Gulf for last 17 years but without any single benefit from the Pakistan Government.
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Oct 12, 2018 11:21pm
Very good annoucement.
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Oct 12, 2018 11:30pm
We overseas pakistani are willing to help. I have already started by sending money through Habib bank, and have sent quit a bit.
I will be ready to put my savings in Pakistan.
I just need to know that it would be safe.
Can the government help us in getting our investments back from these housing scam, or at least punishe the culprits.
NAB has done nothing with the cases they have had with them for the last 6+ years
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Oct 12, 2018 11:40pm
Imran Khan Govt wants to recover falling rupee by putting more foreign reservs in Pakistani Banks. But the problem here is that, its an artificial way to recover rupee to dollar.
If you want to recover it, bring investments, improve exports etc. , If u continue to implement such artificial methods by IMF funds or remittances, then Pakistan will face the Venezuelan Crisis.
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Oct 12, 2018 11:51pm
Great initiative by PTI Chairman and PM highly appreciable.
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Oct 12, 2018 11:53pm
Dont be so optimistic. He will fail due to corrupt opf machinary.
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Oct 12, 2018 11:59pm
only they give some points on remitances and one can get limited incentives on some useless duty free items, thats all. Dont expect plots, cars, free childern education etc etc. They will get heart attack if they give too many incentives.
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Oct 13, 2018 12:12am
Eradicate corruption, discipline police, keep your promises; everything will fall in place.
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Oct 13, 2018 12:28am
We overseas Pakistanis are patriotic lion hearts, but the thought of entrusting my life's savings to a government that has gone to IMF for bailout 13 times in 30 years fills my heart with fear.
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Oct 13, 2018 12:50am
Most Overseas Pakistanis would wait and see. No one is going to take a risk with their hard earned money in a place where laws are flexible and are flouted at will.
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Oct 13, 2018 12:56am
@Sincere Pakistani After just 10 weeks of in power, what were you expecting? couple of dams, corruption eliminated, few new universities and schools, maybe even the new silk road completed, than you woke up and realized, that you can't even grow tomatoes in that time.
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Oct 13, 2018 12:57am
@Karachi Wala. How's the PPP government treating you guys for the last 10 years?
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Oct 13, 2018 01:10am
@Majid Qamar, what initiative?
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Oct 13, 2018 01:11am
Overseas Pakistanis are expected to send more remittances, help build dams etc., etc.
What role does he have in mind for Pakistanis living in Pakistan?
These kind of tactical measures only help to a limited extent, as our current Indian government found out. Eventually, a country can become great only by involving those who have chosen to soldier on in the motherland, regardless of the difficulties.
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Oct 13, 2018 01:17am
Excellent move. I live in England and I know a lot of Pakistanis here want to help Pakistan but don't know how or the processes discourage us.
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Oct 13, 2018 01:33am
The policies have been a joke. I sent 100,000 USD last year to buy a house from my BANK abroad to my BANK in Pakistan. I withdrew the USD as PKR (on the advice of my branch manager) using a proper money exchange service who came to the branch and deposited the PKR in my PKR account immediately. The only difference was that instead of inter-bank withdrawal, I went in the open market. This entire amount, as per FBR, become TAXABLE for me and I was forced to pay income tax on it. Unless you stop ripping off people, overseas Pakistani's who have suffered, like myself, will never feel comfortable investing in the country again.
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Oct 13, 2018 01:44am
Nations are not built with easy solutions, but honest long hard work. PM is still looking for handouts while the country is going down the drain. If you don't have ideas then resign as you promised for going to IMF.
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Oct 13, 2018 02:20am
Excellent step.
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Oct 13, 2018 03:21am
Why would a expat convert foreign currency into a weakening rupee? Allow them to keep a dollar/pound account and they will send money.
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Oct 13, 2018 03:59am
By regulating taxes accordingly and boosting agricultural reforms and keeping law and order through fundamental policing using transparency are the only ways out to show overseas Pakistanis that their futures are secured through governmental channels. It’s not easy or quick methodology but it can be done.
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Oct 13, 2018 04:25am
Provide dollar accounts, market exchange rates and no withdraw fee for non filers. You will see the USD accounts will grow.
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Oct 13, 2018 05:05am
Some suggestions. 1. Bring a financial bond for the NRP to invest and offer an attractive package such as double the amount in 7 years. 2. Inject the half of the funds in the local business particularly to the field that export the goods. 3. Also bring an incentive plan for the domestic companies to purchase the bonds with double the amount for the same period as 7 years. 4. Tax exemptions on the funds. 5. Free medical and life insurance. 6. Offer should be limited for 3 months. 7. Spend more to generate revenues. 8. be exceptionally hard on the corruption and make everyone work. Zero tolerance policy for the corrupt. If caught fire immediately and publish their names without further ado.
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Oct 13, 2018 05:23am
Great tweet. Pakistan will no start receiving billions and billions of dollars as remittance.
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Oct 13, 2018 05:28am
Very basic things:
First step is to lower the fee if funds are transferred to a Bank account in Pakistan.
2nd increase the fee if funds are sent to private parties through money changers.
All Banks need to use standard conversion rate.
All Banks need to speed up the remittance deposit time.
Eoncourage overseas Pakistanis to send remittance in US dollars if sending from with in US. This way overseas gets better rates compared with US Banks conversion, that is usually very low
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Oct 13, 2018 05:43am
Why is IK and Co so fixated only on overseas Pakistanis? For dollars? For votes? What about real Pakistanis at home? Is there any thought for their rights? Or are they only to be used as fodder for IMF policies ? There seems to be a big double standard at work here. First of all fix things at home then think about those abroad. We don't really need many overseas remittances if we can implement a broad-based, progressive and fair taxation system here in Pakistan and, at the same time, also improve our industrial exports worldwide. Please think about this.
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Oct 13, 2018 05:56am
Mr.PM Khan the Pakistani’s back home have not changed in last 7+decades.Why should overseas Pakistanis believe you that they(Pakistani’s)will change living back home with their incorrigible corrupt habits.You have done nothing so far that’s different than all other PM’s of the passing decades,other than just empty promises.Same old rhetoric&same old useless empty promises that all power hungry politicians are habitually known for manipulating their way to the coveted offices of the parliament.Your ambitions are well recognized as your promises are well known across the Pakistani landscape as well as to Pakistani’s living overseas.Let me advise you Mr.PM Khan,the overseas Pakistanis of the 1990’s when you raised tons of money for your projects will only listen to your call when they are convinced that the corrupts in Pakistan have been made accountable&corruption in Pakistan have been wiped out from the grassroots of the social fabric of Pakistani’s main blood stream.PM Khan it’s hard?
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Oct 13, 2018 06:49am
make some real changes, some benefit in taxes, some in duties,5 rupee more in bank than open market, watch how the dollars get at the doorstep.
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Oct 13, 2018 06:59am
@ARIF Pakistan has no venues to export anything because the Karachi port is crowed and by the time the goods reach Karachi everything is spoiled. Pakistan need to work on developing the roads and infrastructure first to do just that, as well get trained labor. Most Pakistan is uneducated, and hardly any productive labor left in Pakistan, and those who has some skills are out in the Middle East, UK and the USA.
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Oct 13, 2018 09:23am
Now what happened to the dam fund?
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Oct 13, 2018 01:05pm
"He assured that his administration will take steps to protect overseas Pakistanis' property and assets in the country" The only way to assure that, will be by protecting the income of Pakistani living in Pakistan. These overseas Pakistanis know how their relatives live here and how they themselves used to live, that's why they have migrated. They won't believe you, they have first hand information. Make the lives of Pakistanis comfortable, you won't have to assure the overseas ones of anything. When the demand to migrate will reduce, they will have all the assurance they need.
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Oct 13, 2018 01:07pm
@Syed Anjum Ali "Why is IK and Co so fixated only on overseas Pakistanis? " Most probably, some kind of lobby has some plans.
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Oct 13, 2018 07:18pm
@Syed Anjum Ali. Most commentators like you must know that there is no magic wand. We waited 30 years we need to be patient with this new govt and wait for another 5 years.
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Oct 13, 2018 07:19pm
@Lahori kid. Couldn't have put it better in words.
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Oct 13, 2018 07:23pm
@Jessica Campbell. The night is darkest before the dawn. Be patient.
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Oct 13, 2018 07:33pm
As overseas Pakistani, around 100 total gold was stolen from my home in Pakistan back few years. Despite culprits being nabbed by police, however due to big sum involved the culprits paid heavy sum of money to police to change scenario and culprits were set free. I had approached Pakistan embessy in the country I live in, also had written to than CM of punjab Shabaz Shareef, also had approached OPF, at the end nothing happend and culprits are roaming free.
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Oct 13, 2018 09:26pm
My input on overseas Pakistanis and intended results, as I am one of them.
1. The efforts by the embassies and the consulates of Pakistan does not match the enthusiasm of PTI government. Perhaps these positions are occupied by the PMLN appointees.
2. PTI is coming up with the measures but lacks the robust execution plan. I saw the excitement of overseas Pakistanis who wanted to support the dam funds. However, the bubble is dying down because there is no support or follow up from foreign mission on this. Foreign mission in conjunction with the local Pakistani organisations could have organised fund raiser activities that would have brought a lot better results. Something that could have helped pushed the overseas community to contribute a lot more.
3. Overseas voting many technical issues and if you email Nadra, no reply.
PTI, learn the lesson and activate your members in various countries to achieve intended results. Do not depend on your foreign mission as they are typical lazy partisan bureaucrats.
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Oct 13, 2018 09:29pm
sending money via official channels is costing about 5% for th eamount sent in addition to transfer fees.This is due to companies like Western Unions exchange rate is 5-7 rupees per Dollar lower than the current market rate.
This Legalized Robbery needs to be fixed to give incentive for using proper channels for money transfer.
Pay Pal charges are even higher--it is not in Pakistan--that is a good thing.e
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Oct 13, 2018 09:34pm
@Rumi It is a privilege to be an ATM for Pakistan.
American banks usually charge $35-$40 to wire money to Pakistan. Is it possible this Fee can be Waived by having some understanding between Pakistan's government and certain US Banks?
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Oct 13, 2018 09:41pm
What is the Philippine's model for Remittance?
Can someone please provide the details of it?
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Oct 13, 2018 09:47pm
@Ikram glad you mentioned that --immigration officers who have about 10th grade education and absolute absence of manners.
Just few months ago, while departing from Pakistan, some stainless cutlery alarmed the scanners.
It was so chaotic, due to rescan request, a half asleep police officer came over and picked the wrong suitcase--it was amusing, as my suitcase had about 20-Kgs of books. Which he unwrapped and sent thru the scanner individually--not finding anything, he started to walk awy--I called him back and asked who is going to repack all this stuff?
He felt insulted ( there were 2-stars on his shirt) wow--these guys at this level are used to be semi gods with people.
He angrily and reluctantly helped me re pack sloppily.
Then another Police uniformed guy came and asked if I hadf more than 10,000 rupees on me--which I didn't.
I just thought that 10,000 rupees is about US$80-- and if someone had that amount on themwhile leaving Pakistan-- that could be an Eid Celebration for these 2- Star Police Generals at the airport.
Change this stupid Law--Mr. Imran Khan-
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Oct 13, 2018 09:59pm
Please verify the RIA Financials credentials before sending money through it.
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Oct 13, 2018 10:20pm
Make the money transfer easy from $Account to $Account through National Bank Of Pakistan.
- From USA creating a Dollar Bank Account in Pakistan should be made easy
- Transfer Fee should not be more than $10 per transaction (Up to $10,000)
- Keeping a $Account and Transactions Fee in Pakistan should be waived.
- Pakistani Banks has to provide an Online Bank Account Portal so the Account Holder have an
access to his/ her Account directly 24/7.
It is the High Transaction Fee and the Tedious Money Transfer Process keeping large number of
people sending money through Banks.
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Oct 13, 2018 10:30pm
@Javaid Khan
Good suggestions.
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Oct 14, 2018 12:05am
Another hairbrained scheme cooked up by one of the more privileged foreign citizen dual nationals, with no clue of how economics works. They just see and want to replicate. They were doodh walas, construction workers or those who lived on the crumbs of the queen now want to put policies in place that are nonsense. Pleading to Prime Minister Imran Khan to surround himself with sensible people instead of his cronies
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Oct 14, 2018 01:49am
@mumtaz :But someone will have to pay for energy!
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Oct 14, 2018 03:40am
Can a country rely on only remittances? It would be very inflationary for Pakistani currency. Growth is what Pakistan needs. Even Bangladesh has been performing very well in that arena.
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Oct 14, 2018 07:48am
In 1990's India also went thru similar situation and asked NRIs to send money and gave them attractive interest rates to get more foreign exchange!
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Oct 14, 2018 09:46am
@Sincere Pakistani - IK has been in power for less than three months and he has to clean up the mess of PML and PPP for over 30 years. Do you think he has a magic wand that he can fix all the problems so quick? He is a person of vision and planning and will take time, I would say approx. 1-2 years before we start seeing some results. On the other hands, why do we expect HIM to fix everything? Stop blaming PM for everything and take some responsibility to fix some of the issues ourselves e.g. cleaning street etc.
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Oct 14, 2018 09:51am
If Govt allows overseas Pakistanis to maintain Foreign currency accounts in Pakistan with possibility to transfer money freely in and out of country then Huge Forex deposits will be kept in the country. Now overseas Pakistanis don't maintain their regular Foreign currency accounts in Pakistan since it is impossible to send money back out of Pakistan if it is needed abroad..
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Oct 14, 2018 10:04am
Build vertices that bring in foreign currency!!!
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Oct 14, 2018 10:25am
@Imran
Government should remove this obstacle and consider the Mr. Imran suggestion, it will bring billions in Pakistan's Forex Accounts. Government may want to put a restriction on that Forex Account that
its holder will not be allowed to transfer more money abroad what he/she has brought in from abroad.
So his/her account can not be used for money laundering.
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Oct 14, 2018 11:05am
All the money sent by overseas citizens through government channels will be used to feed the terroristsss feed radicalised persons and the armed forces. Nothing of the money will be utilised for public.
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Oct 14, 2018 11:24am
168 comments!! there is no dearth of economics advisers to the Prime Minister.
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Oct 14, 2018 11:41am
I think government should consider focussing on industrialization, introducing new techniques in agriculture and expanding the tax net rather than always hoping from overseas Pakistanis. Majority of the overseas Pakistan live below poverty. Should they invest in stock market which crash every second day due to the uncertainty created by government or should they buy National Savings Certificates for which the profit is less than the inflation?
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Oct 14, 2018 11:53am
@nam. You are absolutely right. Pak high Commissions abroad need an adrenaline shot. We require active high commissioners and staff who are on the same page worldwide with clear message. The message should be we are here to help our people and this is how we can do it.
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Oct 14, 2018 02:33pm
As an overseas professional Pakistani living abroad - with most of the family born in the United Kingdom - with family land in Pakistan who have been involved in trying to defend our family land being taken away from us in Pakistan since 2012 we have found that people in Pakistan who cause these problems are doing this sort of behaviour with immunity as they know the system in Pakistan whilst the overseas people do not know what to do. Complaints by overseas people are paid lip service by Pakistani officials. I am sure that my family is one of thousands of overseas families facing this problems with their lands and properties in Pakistan.
If our assets and properties are not protected by the Pakistani authorities and we do not receive the appropriate assistance to deal with our problems in Pakistan then I cannot see why we as overseas Pakistanis would want to invest in Pakistan.
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