SBP offers marketing costs on bringing $100m remittances

KARACHI: State has announced that organization or individuals bringing remittances of $100 million and more will get marketing costs. State Bank has introduced this program as a remittance initiative for non-resident Pakistanis to improve remittance flow in the country. Remittance initiatives will be given in accordance with the performance of investors. According to the scheme individual/organization bringing US$400 million in the country will get 0.5 percent out of total remittances. Individual/organization bringing $800 million will get 0.75 percent and individual/ organization bringing $20 billion will get one percent of marketing costs out of total remittances. Only those organizations can benefit from this scheme that offer remittances in Pakistan without any charges. To avail of remittance initiative scheme, the organizations would have to submit their marketing plan to State Bank of Pakistan in advance.