ISLAMABAD - The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved National Remittance Loyalty Programme (NRLP), aimed at offering monetary and other benefits to lure overseas Pakistanis to remit their hard earned money through formal channels.
Federal Minister for Finance and Revenue, Shaukat Tarin chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet. The secretary finance made a detailed presentation on National Remittance Loyalty Programme (NRLP) before the Committee. He stated that remittances form backbone of the economy. The proactive policy measures by the government and the State Bank of Pakistan have incentivised the overseas Pakistanis and encouraged them to remit their hard earned money through formal channels. This has contributed in achieving record remittances of $29.4 billion in the last fiscal year. It’s a clear reflection of confidence in Pakistan’s economy by overseas Pakistanis.
In order to continue the positive trajectory of remittances, the State Bank of Pakistan will introduce a mobile application, NRLP, which will offer incentives/rewards to overseas Pakistani against each remittance transaction in accordance with a set criteria. The above application will be formally launched towards the end of October 2021.
After due deliberations, the ECC approved the structure and estimated financial impact of the NRLP with a view to incentivize remitters to transfer funds through formal channels thus further strengthening the inflow of remittances. The finance minister directed to exercise due diligence before the launch for seamless integration with all service providers to ensure smooth working of NRLP.
The NRLP will offer incentives/rewards to overseas Pakistanis for sending remittances to Pakistan based on point’s accumulation structure as follows:
On $ 10,000 per annum, reward will be 1 per cent, $ 30,000, reward 1.25 percent and next $ 30,000 reward 1.5 percent.
An Android and iOS based Mobile App (both English & Urdu) has been developed for this purpose by 1-Link whose development cost has been borne by the banks. The operating cost of this Mobile App shall also be taken up by financial institutions. The remitters will be awarded points against each remittance transaction in accordance with the NRLP criteria. The incentives shall be availed through redemption of points.
The other salient features of NRLP include the following: - (i) three tiers: Green, Gold, Platinum; (ii) Virtual Loyalty Card” as a built-in feature; (iii) remitters shall register as Primary Users and can add one Supplementary User/ Beneficiary; (iv) all home remittances through formal channels are eligible, including funds received through RDA & used/ consumed locally. Overseas Pakistanis shall be qualified to avail following service equivalent to the amount of the awarded points under NRLP against redemption of the accumulated points:- (i) PIA international air tickets -payment of extra luggage on PIA international flights; (ii) FBR -Mobile phone duty payment -personal baggage, tax payment on purchase of locally manufactured vehicles, payment of duty on imported vehicle; (iii) Nadra -renewal of CNIC/NICOP; (iv) Directorate General of Immigration & Passports -Renewal of Passport; (v) State Life/MOOP&HRD, life insurance premium; (vi) OPF-OPF Schools free; (vii) USC-utility stores purchases; (viii) BE&OE -payable fee and; (ix) CAA/FIA (non-monetary) separate counters for priority clearances, placement of standees/banners for promotion.
Among others, Federal Minister for Interior Sheikh Rasheed Ahmed, Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Energy Hammad Azhar, Federal Minister for Planning and Development Asad Umar, Advisor to the PM on Commerce Abdul Razak Dawood, Advisor to the PM on Institutional Reforms and Austerity Dr Ishrat Hussain, SAPM on Power & Petroleum Tabish Gauhar, SAPM on Finance and Revenue Dr Waqar Masood, federal secretaries and other senior officers participated in the meeting. Governor State Bank of Pakistan Reza Baqir also participated through a video link.