ECC approves launching of NRLP app to boost remittances
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the National Remittance Loyalty Programme (NRLP) with a view to boosting remittances, as its application will be formally launched by the end of October this year.
Federal Minister for Finance and Revenue Shaukat Tarin chaired the meeting of the ECC of the Cabinet.
Delivering a presentation about the NRP, Finance secretary Yusuf Khan said that remittances are the backbone of any economy. The proactive policy measures by the government and the State Bank of Pakistan (SBP) have encouraged overseas Pakistanis to remit their hard-earned money through formal channels.
He said this has contributed in achieving record remittances of $29.40 billion in the last fiscal year, as it is a clear reflection that the overseas Pakistanis trust in the national economy of the country.
To continue the positive trajectory of remittances, the SBP will introduce a mobile application just like the NRLP, which will offer incentives-cum-rewards to overseas Pakistanis against each remittance transaction in accordance with the criteria. The above application will be formally launched by the end of October 2021.
After due deliberation, the ECC approved the structure and estimated the financial impact of the NRLP with a view to encouraging overseas Pakistanis to transfer funds through formal channels, while further strengthening the inflow of remittances.
The finance minister stressed the need for the due diligence before the launch for seamless integration with all service providers and to ensure a smooth working of the NRLP.
Those who were present during the meeting included Federal Minister for Interior Sheikh Rasheed Ahmed, Federal Minister for Privatisation Muhammad Mian Soomro, Federal Minister for Energy Hammad Azhar, Federal Minister for Planning and Development Asad Umar, Adviser to the Prime Minister on Commerce Abdul Razak Dawood, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr Ishrat Husain, Special Assistant to the Prime Minister (SAPM) on Power and Petroleum Tabish Gauhar, SAPM on Finance and Revenue Dr Waqar Masood, Federal secretaries and other senior officers.
SBP Governor Reza Baqir also participated in the meeting through a video-link.
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