{"id":62362,"date":"2020-03-07T10:00:00","date_gmt":"2020-03-07T05:00:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=62362"},"modified":"2020-03-06T17:44:40","modified_gmt":"2020-03-06T12:44:40","slug":"measures-boosting-remittances-official-banking-channels-approved","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/measures-boosting-remittances-official-banking-channels-approved.html","title":{"rendered":"Measures for boosting remittances via official banking channels approved"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Lahore: The Economic Coordination Committee (ECC) of the federal cabinet has approved a number of measures to boost remittances via official banking channels, a news source reported. According to the publication, these measures are aimed at encouraging and facilitating overseas Pakistanis to send their remittances via government approved means.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/govt-facilitate-banks-increasing-remittances.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Govt to facilitate banks for increasing remittances (opens in a new tab)\">Govt to facilitate banks for increasing remittances<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The ECC provided its approval to the measures as Advisor to\nPrime Minister (PM) on Finance and Revenue Dr Abdul Hafeez Shaikh chaired the\nmeeting. The meeting approved the following measures:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The government will increase the rebate if reimbursement\nof Telegraphic Transfer fees transactions between USD 100 and USD 200 from\nSAR-10\/- to SAR-29\/-<\/li><li>Amount of remittances transferred into bank\naccounts will not incur withholding tax. This measure will come into effect\nfrom July 1, 2020<\/li><li>New Scheme of Incentives launched in 2018-2019\nfor banks and exchange companies will continue during the current calendar year\nfrom January 2020. Under this scheme, the financial institutions will have\nincentives of PKR 0.50 per USD 1 on 5% growth, PKR 0.75 per USD 1 on 10%\ngrowth, and PKR 1 per USD 1 on 15% growth<\/li><li>The government will launch a \u2018National\nRemittance Loyalty Programme\u2019 from September 1, 2020 in collaboration with\nmajor commercial banks and government agencies. The programme will provide\nvarious incentives to remitters via mobile applications and cards<\/li><li>Provision of a technical supplementary grant of\nPKR 9.6 billion during the ongoing fiscal year in order to finance the\nabove-mentioned measures<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read<\/strong>: <a href=\"https:\/\/www.zameen.com\/news\/ecc-approves-pkr-9-6bn-incentive-package-bankk-foreign-exchange-firms-increase-remittances.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"ECC approves PKR 9.6bn incentive package for banks, foreign exchange firms to increase remittances (opens in a new tab)\">ECC approves PKR 9.6bn incentive package for banks, foreign exchange firms to increase remittances<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For more news related to home remittances sent by overseas Pakistanis, stay tuned to Zameen News.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lahore: The Economic Coordination Committee (ECC) of the federal cabinet has approved a number of measures to boost remittances via official banking channels, a news source reported. According to the publication, these measures are aimed at encouraging and facilitating overseas Pakistanis to send their remittances via government approved means. Read: Govt to facilitate banks for increasing remittances The ECC provided its approval to the measures as Advisor to Prime Minister (PM) on Finance and Revenue Dr Abdul Hafeez Shaikh chaired the meeting. The meeting approved the following measures: The government will increase the rebate if reimbursement of Telegraphic Transfer fees transactions between USD 100 and USD 200 from SAR-10\/- to SAR-29\/- Amount of remittances transferred into bank accounts will not incur withholding tax. This measure will come into effect from July 1, 2020 New Scheme of Incentives launched in 2018-2019 for banks and exchange companies will continue during the current calendar year from January 2020. Under this scheme, the financial institutions will have incentives of PKR 0.50 per USD 1 on 5% growth, PKR 0.75 per USD 1 on 10% growth, and PKR 1 per USD 1 on 15% growth The government will launch a \u2018National Remittance Loyalty Programme\u2019 from&hellip;<\/p>\n","protected":false},"author":68,"featured_media":60548,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15012],"tags":[22135],"persona":[],"class_list":["post-62362","post","type-post","status-publish","format-standard","has-post-thumbnail","category-allied-industries","tag-details-on-measures-for-boosting-remittances-via-official-banking-channels-approved","cat-15012-id"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Measures for boosting remittances via official banking channels approved - Zameen News<\/title>\n<meta name=\"description\" content=\"The Economic Coordination Committee (ECC) of the federal cabinet has approved a number of measures to boost remittances via official banking channels.\" \/>\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\/measures-boosting-remittances-official-banking-channels-approved.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Measures for boosting remittances via official banking channels approved - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The Economic Coordination Committee (ECC) of the federal cabinet has approved a number of measures to boost remittances via official banking channels.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/measures-boosting-remittances-official-banking-channels-approved.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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