ISLAMABAD: As part of the Federal Ombudsman (FO) initiative to facilitate overseas Pakistanis at airports, the State Bank of Pakistan (SBP) is trying to persuade overseas Pakistanis to send remittances through formal channels.
As an attaché, the SBP would share FO task to facilitate Pakistani overseas at local and offshore airports aiming at informing passengers of formal channels for money transfers.
The documents available with the Customs Today stated: “SBP has undertaken to further facilitate overseas Pakistanis to send their remittances through formal channel.”
It is further stated that the measure was being taken to stop illegal money transfers usually made though Hundi system.
Sources said, if SBP succeeded in receiving the money through formal banking channels, it could achieve significant raise in estimated $16.7 billion remittances for the current fiscal year. In this way, the FO’s one-window operation could be productive for enhancing tax collection, officials said.
