Circulars/Notifications - Exchange Policy Department  
 FE Circular No. 16 of 2018

December 17, 2018

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

       In order to encourage domestic banks/microfinance banks/exchange companies providing home remittance disbursement services, a performance based scheme has been developed to enhance their marketing/promotional/awareness efforts for home remittance products and services. The Government of Pakistan (GOP) shall reimburse these expenses through SBP as given below:

Home Remittances mobilized by domestic Banks/MFBs/ECs (in equivalent US$)
Marketing Expenses Reimbursement
 Home remittances exceeding 15% growth in FY19
 compared with the levels achieved in FY18.
 Rs. 1 per each incremental USD  mobilized
 over 15% growth

2.       The above scheme shall be subject to the following terms & conditions:

a. The scheme shall be applicable to all banks, microfinance banks and exchange companies that offer home remittance disbursement services as per the rules and regulations issued by SBP from time to time on home remittances.

b. Banks/microfinance banks/exchange companies shall have to surpass the aforesaid criteria to qualify for the subject scheme.

c. Banks/microfinance banks/exchange companies shall be required to submit details of execution of marketing/promotional/awareness activities once they qualify for the subject scheme.

d. The scheme shall be for one year initially and banks/microfinance banks/exchange companies shall be reimbursed at the end of the scheme year, based on actual performance assessment by SBP.

e. A special on-site inspection may be conducted by State Bank of Pakistan.

Yours truly,


(Arshad Mehmood Bhatti)

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