Overseas Pakistanis were forced by the inefficient poor services provided by Pakistani banks located in UAE or other parts of the world, to seek services of money changers for quick delivery of remittances to their families in Pakistan. It was never the intent of expatriate loyal Pakistanis, not to send their foreign exchange to their motherland.
The government of Pakistan and the State Bank regulations are to blame for the misuse of foreign remittances. It is the responsibility of the Government of Pakistan to immediately make available services of Pakistani banks or a subsidiary at locations where money changers are situated, where Pakistanis can deposit their hard earned foreign exchange, which should be wire transferred the same day to facilitate their families to get equivalent Pak rupees on production of NID and a Code Number by their families.
It should also be ensured that favourable rates prevailing in the open market are given for foreign exchange transmitted through banks. Mere rhetoric by the state will fail to eliminate the Hundi system, unless the state provides an alternate facility. It is the money changers located within Pakistan who are responsible for non-transfer of foreign exchange to Pakistan. They are facilitating Pakistanis who have made quick bucks and now want to liquidate all their assets, by paying Pak rupees in Pakistan, in return for foreign exchange given by expatriates for remittance through money changers.
All this has been happening with the blessings of powerful members of the ruling elite, for whom Pakistan is a mere transit station, where they make tax free profits and then run away to settle abroad. These include those involved in narcotics trade, smuggling of precious metals and beneficiaries of stock exchange speculative business, along with members or real estate mafia.
The Pakistan Government must undertake moves to earn the goodwill of loyal Pakistani expatriates with their families residing in Pakistan. There should be a crackdown on all housing societies which have been formed in name of the banner of overseas Pakistanis.