NRLP's financial impact, structure approved in NCC meeting

The NRLP programme is being introduced with a view to incentivize remitters to transfer funds through formal channels, thus further strengthening the inflow of remittances.

Federal Minister for Finance Shaukat Tarin, who chaired the ECC meeting, directed to exercise due diligence before the launch for seamless integration with all service providers to ensure smooth working of NRLP.

Earlier, Secretary Finance gave a detailed presentation on NRLP, saying  the proactive policy measures by the government and the State Bank of Pakistan (SBP) have incentivised the overseas Pakistanis and encouraged them to remit their hard earned money through formal channels.

The use of formal channels has contributed in achieving record remittance of $29.4 billion in the last fiscal year, the secretary said adding that it was a clear reflection of confidence in Pakistan’s economy by overseas Pakistanis.

In order to continue the positive trajectory of remittances, the State Bank of Pakistan would introduce a mobile application, NRLP, which would offer incentives/rewards to overseas Pakistani against each remittance transaction in accordance with a set criteria.

The above application would be formally launched towards the end of October 2021, the secretary added.