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Finance Minister announces Home Remittance Incentives Scheme worth Rs80bn
She claimed that this would make it possible for remitters to transmit money for free.
Islamabad: Finance Minister Dr Shamshad Akhatr has announced Home Remittance Incentives Scheme worth 80 billion rupees to channelize remittances from overseas Pakistanis on Friday.
She told the media in Islamabad that twenty out of the eighty billion rupees have been released swiftly for this purpose.
The Minister explained the basics of this program and stated that the government would pay all fees associated with telegraphic transfers made by Pakistanis living abroad for amounts totaling at least $100.
She claimed that this would make it possible for remitters to transmit money for free.
Additionally, according to Dr. Shamshad Akhtar, the government will compensate participating banks 20 Saudi Riyals for granting the remitters' access to this facility.
Furthermore, Senders can accrue points under a different category of the program called Sohni Dharti and then use those points to redeem for additional rewards.
She said the government will also incentivize the marketing for home remittances. She said the scheme has also designed lucky draws for the remitters who will utilize legal channels to send their money at home.