Fresh incentives to attract more remittances

E-Paper | April 30, 2026

Fresh incentives to attract more remittances

The Newspaper's Staff Reporter Published July 6, 2021

If the home remittances exceeded five per cent growth in FY22 compared with the levels achieved in FY21, the government will offer Rs0.5 per each incremental US dollar mobilised over 5pc growth. — AFP/File

KARACHI: The State Bank of Pakistan (SBP) on Monday offered more incentives to banks and exchange companies for bringing remittances in the country.

“In order to further encourage promotion of home remittances through formal channels, the government of Pakistan has approved reintroduction of subject scheme with effective from July 1, 2021 to June 30, 2022 to cover home remittance performance for FY22 compared to that of FY21,” the SBP said in a circular addressed to all banks and exchange companies.

If the home remittances exceeded five per cent growth in FY22 compared with the levels achieved in FY21, the government will offer Rs0.5 per each incremental US dollar mobilised over 5pc growth, the circular said.

If the home remittances exceeded 10pc growth in FY22 compared with the levels achieved in FY21, the government would offer (in addition to Rs0.5 per US dollar) Rs0.75 per each incremental US dollar mobilised over 10pc growth.

If the home remittances exceeded 15pc growth in FY22 compared with the levels achieved in FY21, the government is set to offer (in addition to Rs0.75 per US dollar) Rs1 per each incremental US dollar mobilised over 15pc growth.

Published in Dawn, July 6th, 2021

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Ajaz

Jul 06, 2021 09:36am

What a silly short term policy. Sounds like a ponzi scheme . I'm not surprised with the number of fraudsters in charge.

Recommend 0

Mansur Ul Haque

Jul 06, 2021 09:51am

Remittances and money received in Roshan Pakistan accounts are very nice. Make different residential schemes for people sending remittances and Pakistani settled abroad. Provide in these schemes infrastructure and basic necessities along with fool proof security and guarantee for clean ownership/ documents. Pakistani living abroad can come on vacations to spend some time with their relatives.

Recommend 0

Amjad

Jul 06, 2021 11:58am

House of card

Recommend 0

Zak

Jul 06, 2021 12:17pm

Under pmik, it will achieve 15% incremental growth.

Recommend 0

ABE

Jul 06, 2021 12:26pm

" the government will offer Rs0.5 per each incremental US dollar mobilised" Oh Joy! Rs. 0.5 for each Dollar I send from Abroad?? Where can I send a few million dollars tomorrow?? PLease quick! I don't want to miss the golden opportunity to reap in the dough! Wonder which brain-box came up with this bright idea?? This is evidence that IK government is full of people who have no education, no experience and no skills in Finance, Fisical Policy or Economics. Every week a new scheme???

Recommend 0

Abbas shah

Jul 06, 2021 04:31pm

Just a verbally &artificial shaky arrangement &decision?

Recommend 0

IrfanL

Jul 06, 2021 04:41pm

I transferred all my savings and regretted because within 1 yr I lost 1/3rd value of my savings. Keep ur hard earned savings in non depreciating assets. Stable foreign currency, gold, invest, or property. But don't keep it in Pkr.

Recommend 0

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