State Bank of Pakistan has launched "Pakistan Remittance Initiative" to facilitate a convenient and efficient flow of foreign remittances from overseas Pakistanis. It will also create investment opportunities in Pakistan for overseas Pakistanis by providing them an easy and legal way of bringing foreign earned money to the home country and set up their business and industry in Pakistan. Overseas Pakistanis send about 15 to 20 billion US Dollars annually to Pakistan through legal ways. If they send all of their money through proper and legal channels, it will be an immense support to the country's economy. Many people send their remittances through 'hundi hawala' mainly due to their ignorance of the legal channels and benefits of sending the money through legal ways.
Banks, authorized exchange companies and Pakistan post offices are legal ways of sending and receiving foreign remittances. All major banks have PRI cash over counters for payments of remittances.
Benefits of Sending Foreign Remittances to Pakistan Legally
You should always make all money transactions via legal ways i.e. banks etc. for the compliance of laws, to support the country's economy and discourage persons who are dealing in illegal ways of money transactions from one country to another e.g. hundi, etc.
Following are some of the key benefits of sending foreign money to Pakistan legally:
- It is safe, easy and free.
- Instant delivery of the amount
- You will also get the free mobile balance of Rs. 2 for every US dollar. For example, if you send 500 US$ to Pakistan then your Pakistani mobile number will be charged with Rs. 1000 balance.
- You will get Proceed Realization Certificate (free for the first year), which is a valid document for FBR and other tax authorities in Pakistan.
- You can use this money in Pakistan to purchase any property or to invest it here as this is your white money brought in Pakistan through proper channel and you have proofs of this money as bank receipts.
So always send money via banks or authorized money exchange companies and become a law-abiding citizen.
We PakistanHotline.com Editorial Team requests all of our respected readers to send more and more their savings to Pakistan via legal ways to support the economy of Pakistan.