ISLAMABAD: The government is likely to partially withdraw incentives offered to Overseas Pakistanis under National Remittance Loyalty Program (NRLP) after the State Bank of Pakistan’s opposition, sources close to Finance Minister told Business Recorder.

Sharing the details, sources said that the Economic Coordination Committee (ECC) of the Cabinet in its meeting held on August 11, 2021 approved following proposals on National Remittance Loyalty Program submitted by Finance Ministry; (i) points accumulation structure and estimated financial impact of Rs. 13.107 billion; and (ii) service to be offered by different participating PSEs under NRLP. In future, other entities/services may also be added to the scheme with the approval of the Finance Minister.

'National Remittance Loyalty Program' being launched to encourage overseas Pakistanis

The ECC approved NRLP to offer incentives/rewards to Overseas Pakistanis for sending remittances to Pakistan based on point’s accumulation structure as follows: - Points Accumulation Structure.

On $ 10,000 per annum, reward will be 1 percent, $ 30,000, reward 1.25 percent and next $ 30,000 reward 1,5 per cent. Example, annual remittances $ 25,000, reward will be 10,000* 1%+ 10,000* 1.25%. Rs 46.575 - one reward point. One reward point is equal to Rs 1.

Copyright Business Recorder, 2021