Daily The Business

Govt must announce measure to facilitate overseas Pakistanis: Anjum Nisar

LAHORE: 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
pr-requisite for opening any new foreign currency account but the
account holders would be paid in local currency and not
internationally; he concluded.

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