Businessmen Panel chairman Mian Anjum Nisar has suggested that the government should ask State Bank of Pakistan to work out a mechanism with the help of NADRA to open banking accounts online for overseas Pakistanis. The BMP head said that overseas Pakistanis should be provided said facility because it may increase foreign remittance and as a result it would also boost foreign reserves of the country.
"Government must announce special measures to facilitate overseas Pakistanis while opening dollar account in Pakistan and give them a facility to transfer their amount through internet banking as well, so that they should be encouraged to place their foreign currency in Pakistani banks," he underlined.
Mian Anjum said that currently local banks were not giving even a single facility to overseas Pakistani on opening foreign currency account in Pakistan. Placing dollars in accounts with no facility discourage the expatriates to invest in our banking channels, he said.
In western countries, he cited, customers enjoy the facility that they can transfer their money anywhere in the world at will through internet banking or online transfer. He said it is high time for State Bank of Pakistan to simplify the procedures and facilitation for overseas Pakistanis.
"Overseas Pakistanis are among our national assets. They can play an important role in improving the country's financial conditions through remittances," he said, asserting that Pakistan could get over $ 30 billion via foreign remittances if bottlenecks and challenges being faced by bank and money transfer exchanges were removed.
The BMP chairman said that the condition of tax filer should be removed for overseas Pakistanis to open bank account in foreign currency because they earn money internationally and pay their taxes in the country where they live. He said that as per new rules, being a taxpayer is the pr-requisite for opening any new foreign currency account whereas the account holders would be paid in local currency and not internationally.
He expressed hope that after country foreign reserves increased to around $15 billion, now Pakistan rupee would be stable. He said they appreciated Prime Minister Imran Khan for his dynamic efforts and credibility that the brotherly countries such as Saudi Arabia and United Arab Emirates had extended their support to Pakistan. He noted that now our reserves are moving towards a comfortable position. However, business community seeks some correction in the rupee value against dollar.
"Although in last few months, sudden depreciation in rupee put business community in great confusion, now we hope some stability will prevail in exchange rate which is much required," he said, adding that Pakistani rupee was one of the worst performing currencies in the last year when it lost 26 percent of its value.
Mian Anjum lamented that Pakistan failed to sign even a single Free Trade Agreements (FTA) in the last five years that showed bleakness of our trade diplomacy. Now we are looking some active trade policy by the incumbent government, he said. He believes that if little efforts are put timely, Pakistan can get good deal from China and Turkey under FTA which is much needed for the business community. He said it would also help increase our export base for the next fiscal year.