OVERSEAS PAKISTANIS FOUNDATION

Ministry of Overseas Pakistanis & Human Resource Development Government Of Pakistan

Foreign Exchange Remittance Card

REMITTANCES OVERVIEW:

Remittances in Pakistan increased to an all-time high level to almost touch $20 billion in the closing financial year of 2015-16. According to statistics of State Bank of Pakistan (SBP), expatriate Pakistanis remitted $19.9 billion in 2015-16, showing a growth of 6.38% ($1.2 billion) compared with $18.7 billion received during 2014-15.The consistent growth in remittance inflows in Pakistan kept Pakistan among the top ten countries in terms of inflows in the world through their nationals settled in other countries mainly for the purpose of professional and business engagements.World Bank reports on Migration and Remittances mentioned Pakistan as top ten countries in the world with highest inflows of remittances. It included Pakistan’s name on the seventh place on its list updated for the year of 2015.

INTRODUCTION FERC:

Remittances by Overseas Pakistanis, through normal banking channels, are a vital source of balance of payments support for the country. Funds channeled through Hundi or other means bypass legal conduits and deprive the country of much needed support. Cognizant of the problem of diminishing home remittances the government has initiated concerted program to facilitate those Overseas Pakistanis who remit money through normal banking channels.Towards this end, a special package of Foreign Exchange Remittance Card (FERC) has been introduced by the Ministry of Finance in September 2001 to facilitate the overseas Pakistanis community. OPF has been nominated as the implementation authority.