Pakistan ends ‘Sohni Dharti Remittance Scheme’

The State Bank of Pakistan (SBP) has discontinued the ‘Sohni Dharti Remittance Scheme’, bringing to an end a program that had been in operation for more than four and a half years.

The SBP has issued a circular to banks and exchange companies across Pakistan, notifying them of the scheme’s termination.

The Chairman of the Exchange Companies Association of Pakistan, Malik Bostan, has expressed concern over the decision to terminate the Sohni Dharti remittance scheme, claiming that the scheme was withdrawn under pressure from the International Monetary Fund (IMF).

Speaking on the development, Malik Bostan said the program should not have been discontinued, as he believes it was a valuable incentive for overseas Pakistanis.

Under the scheme, Pakistanis living abroad who sent money home through authorized banking channels and exchange companies earned reward points.

Overseas Pakistanis benefited significantly by utilizing these reward points for various government services and purchases,

Malik Bostan said the initiative had also encouraged overseas Pakistanis to use formal remittance channels.