Asad Umar issues directives to promote use of banking channels for remittances

ISLAMABAD:  Finance Minister Asad Umar on Monday chaired a high-level meeting to discuss possible measures to promote remittances through formal channels.

According to a statement issued by the ministry of finance, the meeting deliberated upon the issues and problems being 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.

Stakeholders attending the meeting observed that the hawala-hundi mafia took advantage of lack of banking channels in the past. They also highlighted the procedural and technical improvements that could facilitate the use of formal banking channels for remittances.

The finance minister on the occasion tasked the Overseas Pakistanis Division to carry out a comprehensive survey of Pakistan labour force’s export destinations as well as their areas of origin in Pakistan.

He tasked the National Bank of Pakistan (NBP) with the task to devise a mechanism for the opening of bank accounts by all Pakistani workers, both at home and the country of their employment with the facility of a debit card.

Senior officials of the Ministry of Finance, Overseas Pakistanis Division, FBR, SBP, NADRA, NBP and others attended the meeting.

Special Assistant to Prime Minister on Overseas Pakistanis and Human Resource Development Zulfiqar Bukhari was also present on the occasion.