Islamabad (Republic Pk) There is disturbing news for expatriates or overseas Pakistanis, the free Saudi riyals they used to receive for sending remittances from abroad have stopped as the Economic Coordination Committee (ECC) has approved ending the telegraphic transfer scheme, which was introduced to promote remittances.
Senior journalist Shahbaz Rana, while talking to Express News, said that a meeting of the Economic Coordination Committee was held two days ago in which it approved that telegraphic transfer scheme to be abolished from June 30.
Last year, this scheme was changed so that if someone sends $100 from abroad, he will get 20 Saudi riyals on it instead of 35.
what is telegraphic transfer scheme
For example, Mr. A sent $100 last year and this year he sends 10 percent more than that, then he will get an additional 10 percent incentive. If he sent more than ten percent, he would get more 7 Saudi riyals. In total, someone who sent money to Pakistan from abroad would get up to 35 Saudi riyals. This was a good amount, shahbaz rana told.
The Journalist further stated that the Finance Ministry had also taken the position last year that we do not afford this incentive per transaction. The minimum amount for the scheme was increased from 100 to 200 dollars, the maximum incentive was reduced from 35 to 20 Saudi riyals, the subsidy had decreased from 200 billion rupees to 76 billion rupees this year, now those 20 riyals are also going to disappeared after ending the scheme.
Shahbaz Rana further said that the loss for those sending money to Pakistan will be that the Pakistanis who send money to Pakistan from abroad through banking channels, the respective sender company will also make its deduction, the bank in the country will also deduct its charges, maybe now 950 dollars will be received in exchange for a thousand dollars.