ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has granted approval to proposal for revision in Home Remittances Incentive Schemes to enhance e remittance inflows in the country.
The approval was given in a meeting chaired by Finance Minister Muhammad Aurangzeb in Islamabad on Friday.
Under the scheme, the banks will receive higher rewards according to their performance in boosting remittances inflows. Similarly, the money exchange companies will also receive higher rewards based on their performance in mobilizing remittances.
These revisions are expected to further encourage banks and exchange companies to increase remittance inflows boosting the foreign exchange reserves of Pakistan.
During the meeting an agreement between China and Pakistan on Realignment of Thakot-Raikot under CPEC and construction of Chakdara-Timergara Road Project was also approved.
