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Government may announce special measures to facilitate overseas Pakistanis to open foreign currency account: Anjum Nisar

January 30, 2019

Lahore, January 30, 2019 (PPI-OT): Chairman Businessmen Panel for Federation of Pakistan of Chambers of Commerce and Industry (FPCCI) Mian Anjum Nisar demanded that government must announce special measure to facilitate overseas Pakistanis while opening dollar account in Pakistan and give them a facility to transfer their amount through internet banking as well, so that expats should be encouraged to place their foreign currency in Pakistani banks.

He said currently locals banks were not give a single facility to overseas Pakistani while opening foreign currency account in Pakistan except place dollars in accounts only which discourage the expats to invest in our banking channels. Chairman BMP said in western countries the customer have the facility that they can transfer their money anywhere in the world whenever they wants through internet banking or online transfer, so why we use specific measures to discourage them? he questioned.

He further viewed the government should asked SBP to make a certain mechanism with the help of NADRA to open banking accounts online for overseas Pakistanis so that our foreign remittance may increase which is much needed to boost our foreign reserves. Its times the State Bank of Pakistan needs to simplify the procedures and facilitation for overseas Pakistanis so that the vision of Prime Minister Imran Khan to use banking channels while transferring remittances may be fulfilled.

“Overseas Pakistanis are among national assets” and could play an important role in improving the country’s financial condition through remittances” he said. Anjum Nisar stated “Pakistan can receive over $30 billion via foreign remittances if bottlenecks and challenges being faced by bank and money transfer exchanges get removed”.

Similarly for overseas Pakistanis embargo of tax filer should be removed to open bank account in foreign currency because they have earned money internationally and pay their taxes in the country where they lived, however as per new rules, being a tax payer is the pre-requisite for opening any new foreign currency account but the account holders would be paid in local currency and not internationally; he concluded.

For more information, contact:
Pakistan Industrial and Traders Associations Front (PIAF)
110/S, Quaid-e-Azam Industrial Estate, Kot Lakhpat, Lahore, Pakistan
Tel: +92-42-35123522

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