Promotion of Home Remittances

                      Please refer to EPD Circular Letters No. 03 and No. 07 of 2022 regarding the captioned subject.

2.     With a view to further incentivize Exchange Companies (ECs) in enhancing their home remittance mobilization efforts, it has been decided to revise the current incentive structure as follows:

1. Fixed Component: ECs will be provided a base rate of PKR 2 for each USD of home remittances surrendered to SBP designated bank(s);
   
   
2. Variable Component:
   
   
   1. ECs will be paid PKR 3 for each incremental USD surrendered to SBP designated bank(s), for growth in home remittances up to 5% or USD 25 million (whichever is lower), in comparison to previous year.
      
      
   2. Further, PKR 4 per USD will be paid against incremental remittances above 5% or over USD 25 million, in comparison to previous year.

3.     The performance of ECs will be evaluated by SBP on a monthly basis and payments would be reimbursed accordingly. Any required adjustment in payments, on a consolidated basis, would be made in the last quarter of the Fiscal Year.

4.     The above revisions shall take effect from October 01, 2024. The operational instructions related to implementation of the incentive scheme for ECs will be communicated separately.