Assad issues directives to promote formal channels for remittances

ISLAMABAD, Oct 29 (APP):Finance Minister Asad Umar on Monday tasked the Overseas Pakistanis Division to carry out a comprehensive survey of the export destinations of Pakistani labour force as well as their areas of origin in the country.
Chairing a high level meeting here to discuss possible measures to promote remittances through formal channels, the minister entrusted the National Bank of Pakistan (NBP) with the task to devise a mechanism for opening of bank accounts by all Pakistani workers, both at home and the country of their employment with the facility of debit cards.
He also asked the Federal Board of Revenue (FBR) and the State Bank of Pakistan (SBP) to finalize proposals and incentives for promoting remittances through formal channels.
He directed the National Database Registration Authority to present a concrete proposal on its technology based initiatives on the issue.
He directed that all the concerned must share with him their proposals, complete in all respects, in the next meeting.
Special Assistant to Prime Minister on Overseas Pakistanis and Human Resource Development Zulfiqar Bukhari was also present on the occasion.
The meeting deliberated upon the issues and problems faced by the Pakistani diaspora in sending their remittances to Pakistan through formal banking channels.
The issues among others included lack of banking facilities for the workers abroad. The hawala-hundi mafia took advantage of this deficiency, it was observed in the meeting.
Various stakeholders attending the meeting highlighted the procedural and technical improvements that could facilitate the use of formal banking channels for remittances.
Senior officials of the Ministry of Finance, Overseas Pakistanis Division, FBR, SBP, NADRA, NBP and others attended the meeting.