KARACHI: Interior Minister Rehman Malik said Wednesday that home remittances have surged from $ 4.6 billion to $ 11.2 billion in the last three years following the tough and effective action against money laundering.

Talking to media representatives after a meeting with the delegation of money changers' association at the State Guest House, he said that illegal transfer of money has been considerably declined after these measures, giving boost to home remittances through banks.

He said that money changers have completed the $ 1 billion target for the year and voluntarily chosen the target of $ 2 billion for next year.

Deputy Governor SBP Kamran Shehzad, senior FIA official, Malik Bostan of money changers' association were also present on the occasion.

Lauding the role of the association, the minister said that money changers have fulfilled their promises made to the government. He also lauded the role of overseas Pakistanis who have chosen to send their money through banking network instead of illegal channels.

Malik pointed out that he has asked FIA to expedite action against the people involved in illegal money transfer (hundi) and arrest them.

The delegation thanked the minister for initiating action against illegal money transfer and said this has encouraged home remittances. They said that $ 2 billion target will also be achieved next year.