LONDON: The Marwari and Jewish money smugglers in Britain are understood to have raised the rupee value of sterling to beat the Pakistan Government’s recent scheme for remittance of sterling by the Pakistani community here to their relatives at home.

Informed sources said those engaged in illegal transfer of sterling to Pakistan are now prepared to pay a rupee or two more than what the Government will pay.

The prevailing rate of transfer offered by smugglers was stated to be about Rs20 as against a little over Rs19 envisaged under the new scheme.

Mr S.S. Jafri, Pakistan Economic Minister at the High Commission, said yesterday (Aug 15) that detailed procedure for remittance of sterling was now being worked out in the Ministry of Finance.

Mr Jafri told Pressmen that the procedure will be announced before Sept 1, when the scheme will come into operation. Brochures on “how to transfer sterling to Pakistan” will be published in Urdu, Bengali and English for the sterling earning community in this country.

Mr Jafri said that the scheme was a comprehensive one and will cover all Pakistani wage-earners living overseas. — Agencies