{"id":62295,"date":"2020-03-05T15:06:26","date_gmt":"2020-03-05T10:06:26","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=62295"},"modified":"2020-03-05T15:06:26","modified_gmt":"2020-03-05T10:06:26","slug":"ecc-approves-pkr-9-6bn-incentive-package-bankk-foreign-exchange-firms-increase-remittances","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/ecc-approves-pkr-9-6bn-incentive-package-bankk-foreign-exchange-firms-increase-remittances.html","title":{"rendered":"ECC approves PKR 9.6bn incentive package for banks, foreign exchange firms to increase remittances"},"content":{"rendered":"\n<p>Islamabad: The Economic Coordination Committee (ECC) on Wednesday approved an incentive package worth PKR 9.6 billion for banks and foreign exchange firms to boost remittances in the current fiscal year (FY 2019-20), a news source reported. As per the publication, a cabinet committee approved the grant to finance a number of steps aimed at facilitating and encouraging overseas Pakistanis to transfer their remittances through official channels. <\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/rising-foreign-exchange-reserves-avert-imfs-help-sbp-governor.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Rising foreign exchange reserves might avert IMF\u2019s help: SBP governor (opens in a new tab)\">Rising foreign exchange reserves might avert IMF\u2019s help: SBP governor<\/a><\/p>\n\n\n\n<p>Reportedly, Adviser to the Prime Minister on Finance and Revenue Hafeez Sheikh presided over the cabinet meeting. During the session, it was revealed that in the first eight months of FY 2019-20, the remittances had increased by 12 percent to USD 14.3 billion. The scheme to incentivise exchange companies and banks was launched in 2018-2019, and would continue for the <a href=\"https:\/\/www.zameen.com\/news\/pm-economic-team-discuss-measures-to-boost-remittances.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"growth of foreign remittances (opens in a new tab)\">growth of foreign remittances<\/a>. The scheme incentivised the financial institutions with PKR 0.50\/per USD on five percent growth, PKR 0.75\/per USD on ten percent growth, and PKR 1\/per USD on fifteen percent growth.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-announces-surge-foreign-investments.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"SBP announces surge in foreign investments (opens in a new tab)\">SBP announces surge in foreign investments<\/a><\/p>\n\n\n\n<p>Also, starting from July 1, the remittances transferred into official\nbank accounts will be exempt from the withholding tax. The meeting was further informed\nthat from September 1, the national remittance loyalty programme will be\nlaunched to incentivise remitters through mobile applications and cards. The said\nprogramme will be conducted with the assistance of banks and relevant\ngovernment agencies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Economic Coordination Committee (ECC) on Wednesday approved an incentive package worth PKR 9.6 billion for banks and foreign exchange firms to boost remittances in the current fiscal year (FY 2019-20), a news source reported. As per the publication, a cabinet committee approved the grant to finance a number of steps aimed at facilitating and encouraging overseas Pakistanis to transfer their remittances through official channels. Read: Rising foreign exchange reserves might avert IMF\u2019s help: SBP governor Reportedly, Adviser to the Prime Minister on Finance and Revenue Hafeez Sheikh presided over the cabinet meeting. During the session, it was revealed that in the first eight months of FY 2019-20, the remittances had increased by 12 percent to USD 14.3 billion. The scheme to incentivise exchange companies and banks was launched in 2018-2019, and would continue for the growth of foreign remittances. The scheme incentivised the financial institutions with PKR 0.50\/per USD on five percent growth, PKR 0.75\/per USD on ten percent growth, and PKR 1\/per USD on fifteen percent growth. Read: SBP announces surge in foreign investments Also, starting from July 1, the remittances transferred into official bank accounts will be exempt from the withholding tax. The meeting was further&hellip;<\/p>\n","protected":false},"author":76,"featured_media":60548,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15012],"tags":[21952,21953,21954,4579],"persona":[],"class_list":{"0":"post-62295","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-allied-industries","8":"tag-ecc-approves-pkr-9-6bn-incentive-package","9":"tag-economic-coordination-committee-ecc","10":"tag-foreign-exchange-firms","11":"tag-remittances","12":"cat-15012-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ECC approves PKR 9.6bn incentive increase remittances - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Economic Coordination Committee (ECC) on Wednesday approved an incentive package worth PKR 9.6 billion for banks and foreign exchange\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/ecc-approves-pkr-9-6bn-incentive-package-bankk-foreign-exchange-firms-increase-remittances.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ECC approves PKR 9.6bn incentive increase remittances - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Economic Coordination Committee (ECC) on Wednesday approved an incentive package worth PKR 9.6 billion for banks and foreign exchange\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/ecc-approves-pkr-9-6bn-incentive-package-bankk-foreign-exchange-firms-increase-remittances.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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