Karachi September 21 2023: In order to encourage domestic financial institutions (FIs) to enhance their marketing efforts for mobilizing home remittances though formal channels, the Government of Pakistan has increased the incentives upto three times.
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 five percent, between five and ten percent, and over ten percent, the cash incentive would be PKR 1, PKR 2 and PKR 3 per USD, respectively, for each slab.
The scheme will be effective from FY2023-24 onwards on perpetual basis.
Discontinuaiton of Airtime Scheme
At the same time, the incentive of airtime equivalent to PKR 2 per USD allowed by the Government of Pakistan stands discontinued after thirty days from today. However, the claims of the airtime scheme until the discontinuation date, submitted on or before January 31, 2023 will be reimbursed as per the existing procedure. However, no claim would be accepted after this deadline.
Increase in TT charges
The Central Bank has been decided that reimbursement of TT charges rate for eligible home remittance transactions, shall be SAR 30/-. This increase in TT charges rate will be effective for home remittance transactions, received in Pakistan, after thirty days from today.
