Remittances through banks: $24.734 billion received since 2008-09, National Assembly told

Total foreign exchange sent by overseas Pakistanis through banks amounts to $24.734 billion since 2008-09 to date. In written replies to questions, Minister for Religious Affairs Khursheed Ahmed Shah stated this in the National Assembly on Friday.
He said that $7.811 billion was sent by overseas Pakistanis through banks in 2008-09, $8.91 billion in 2009-10, and $8.017 billion in 2010-11 (from July to March).
The Minister said that incentives were given to overseas Pakistanis under Foreign Exchange Remittance Card (FERC) and Pakistan Remittance Initiative (PRI) schemes to encourage them to send their savings through normal banking channels. Remittance by overseas Pakistanis through normal banking channels are a vital source of balance of payments support for the country.
He said that funds channelled through 'Hundi' or other means bypass legal means and deprive the country of the much-needed support. However, he said, the government took various steps during the past two to three years to control Hund, due to which remittances witnessed a tremendous upsurge. He said that the government is providing special incentives to overseas Pakistanis including foreign exchange remittance cards scheme, separate counters for special handling at arrival and departure lounges at all international airports in Pakistan.