Workers' remittances: Incentive package presented to PM

Prime Minister Imran Khan has said that overseas Pakistanis are assets and foreign remittances received from them are a milestone in national economy.

The Prime Minister was chairing the meeting of government's economic team and was presented an incentive package to increase the overseas Pakistanis' remittances. The proposal included giving special incentives to banks and exchange companies for promoting remittances. As per proposal, banks would be given higher incentives and limit of remittance transactions would be reduced. The meeting was informed that foreign exchange remittance cards are being renewed to bring improvement.

The government also discussed proposal to initiate remittances promotion scheme which would award prizes to the overseas Pakistanis for remitting the highest amount of remittances. The proposal also included mandatory condition for opening of banks accounts for Pakistanis going abroad. The State Bank of Pakistan would give incentives to the banks on the basis of their performance with regard to increase in remittances. The meeting was informed that provincial governments have finalized tax harmonization plan which would be presented to the Prime Minister soon.

The meeting was informed that number of post offices for providing the service of foreign remittances will be gradually increased to 3,200 from existing 240.

Chairman Naya Pakistan Housing Authority briefed the meeting on the steps for promotion of housing sector in the country.

The Prime Minister reiterated government's resolve to make friendly environment for business community in order to accelerate the process of economic development. He added the country is experiencing economic stability at present due to the government's efforts.

The Prime Minister said all-out steps will be taken for businesses facilitation. He directed to ensure that remittances sent by overseas Pakistanis are received by their families without any deduction.