Free remittance service on the cards

islamabad — Federal Minister for Communications and Postal Services Murad Saeed on Sunday said Pakistan Post was planning to launch a foreign remittance initiative (FRI) for overseas Pakistanis under which they would be offered a free money transfer service.

Speaking at a Press briefing, the minister said the proposal had already been sent to the National Bank of Pakistan and State Bank of Pakistan for approval.

Murad said the initiative would enable Pakistani expatriates to send their money back home with the help of Pakistan Post.

He said the initiative was aimed at encouraging overseas Pakistanis to remit their money through legal means which would eventually help boost foreign exchange reserves of the country.

“Around $20 billion are being remitted via illegal hawala / hundi annually,” Murad claimed, adding that the prime objective of initiative was to curb this practice.

Highlighting his ministry’s last six months performance, he said, the revolutionary measures had been taken to bring significant changes in the department in line with the vision of Prime Minister Imran Khan. —