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Circulars

Incentive Scheme for Marketing of Home Remittances

July 02, 2021
3864

The Presidents/Chief Executives of all Authorized Dealers

in Foreign Exchange/Microfinance Banks and Exchange Companies

Dear Sirs/Madam,

Incentive Scheme for Marketing of Home Remittances

  1. Attention of Authorized Dealers / Microfinance Banks/Exchange Companies is invited to EPD Circular Letter No. 11 and 12 dated April 15, 2020 and other related instructions issued on the subject from time to time.
  2. In order to further encourage promotion of home remittances through formal channels, the Government of Pakistan has approved reintroduction of subject scheme with effective from July 01, 2021 to June 30, 2022 to cover home remittance performance for FY2021-22 compared to that of FY2020-21 as given below:
S. No Home Remittances mobilized by domestic Banks/MFBs/ECs (in equivalent US$) Marketing Expenses Reimbursement
(a) Home remittances exceeding 5% growth in FY22 (July 01, 2021 to June 30, 2022) compared with the levels achieved in FY21 (July 1, 2020 to June 30, 2021) PKR 0.50 per each incremental USD mobilized over 5% growth
(b) Home remittances exceeding 10% growth in FY22 (July 01, 2021 to June 30, 2022) compared with the levels achieved in FY21 (July 1, 2020 to June 30, 2021) As per (a) above, plus, PKR 0.75 per each incremental USD mobilized over 10% growth
(c) Home remittances exceeding 15% growth in FY22 (July 01, 2021 to June 30, 2022) compared with the levels achieved in FY21 (July 1, 2020 to June 30, 2021) As per (b) above, plus, PKR 1 per each incremental USD mobilized over 15% growth
  1. All other instructions on the subject shall remain unchanged.
  2. All are advised to bring the same to the notice of their constituents.

Yours sincerely,

Arshad Mehmood Bhatti
Director