ISLAMABAD - Taking notice of the problems faced by overseas Pakistanis in transfer of remittances to their families in the country through formal banking channels, the Prime Minister Office Thursday directed the Federal Board of Revenue (FBR) to develop a comprehensive strategy within 21 days to address these concerns.
The PM Office gave this direction after a number of overseas Pakistanis approached the Prime Minister through Pakistan Citizens’ Portal, conveying their willingness to adopt the official banking channels for transfer of remittances, according to a letter addressed to Chairman FBR.
The overseas Pakistanis, however, pointed out the difficulties due to their non-filer status at FBR being primary reason of resorting to the use of non-formal channels.
They further mentioned that they have to bear twin losses i.e. at the time of currency exchange abroad and in the form of higher rates of withholding tax being non-filers by the banks in Pakistan.
Due to this reason, they were inclined towards using Hawala/Hundi channel for money transfer.
Keeping in view recommendations of the PMDU (PM Delivery Unity), the letter said, FBR may examine the issue in its entirety and develop a comprehensive proposal within 21 days to address the concerns expressed in the communication.
A task in this regard would be created via Task Management System (TMS) at the PM’s Office. For any other consultation and clarity, DS (PMDU) will be the focal person to provide assistance, the letter concluded.
