Pakistan Post to Launch Foreign Remittance Service

ISLAMABAD: The government has decided to launch foreign remittance service through various post offices of the country after the collaboration of National Bank of Pakistan (NBP) and Pakistan Post saying the government wants to ensure ease for expatriates sending money to Pakistan.
Federal Minister for Communications and Postal Services Murad Saeed formally inaugurated the service. NBP President Arif Usmani and DG Pakistan Post Naseer Ahmed Khan were also present on the occasion.
The federal minister said that the venture is being undertaken in order to facilitate expatriate Pakistanis so that they can easily send their foreign exchange through legal means.

“Overseas Pakistanis live in the heart of the prime minister. Labourers working abroad painfully save money to send back to their families here,” he said, adding that“the family of a labourer will be paid 100 dirhams for 100 dirhams that they send and Pakistan will overcome many sanctions imposed upon it by thwarting illegal means of monetary transfers”.
The minister informed that in the initial phase, free money remittances services will be available at 230 post offices of the country.
“We will end up the system of hundi and hawala in Pakistan. Payments coming from Saudi Arabia and United Arab Emirates will be delivered to the recipient at their doorstep,” he said.
Saeed told that till now over 76,000 parcels have been delivered to the customers.
He said the postal service will give loans to people running business on small scale and will also offer subsidy.
“We will personally render marketing services for small enterprises,” he said, adding “the government has started electronic money orders in postal services”.
The minister observed that 10,000 signups were required for the postal services at the earliest and the number of post offices will be increased to 27,000 from the current 12,000 within next six months.
Speaking about the expatriates, the minister observed that 1.5 million Pakistanis are employed in Saudi Arabia as labourers and the service would definitely benefit them.
“Compared to the previous year, Pakistan Postal Service has showed a profit of Rs6 billion,” he noted.
Lauding the staff of Pakistan Post, Saeed said that it was due to their untiring efforts that the department had overcome the financial crisis and emerged as a functional and profitable entity.
NBP President Tariq Usmani maintained that expatriates send up to $20 billion every year of which $10 billion come from Hundi and Hawala.
“We need to bring this amount through a proper channel. The service of Pakistan Post will greatly add to the foreign exchange reserves of the country,” he said.
DG Pakistan Post Naseer Ahmed Khan termed the new service a “revolutionary” one.
“Around 62 per cent of international remittances come from Saudi Arabia, Dubai and other Islamic countries,” Khan said.
“The government wishes to see those remittances reach through official channels,” he added, hoping that the service will lead to positive outcomes.

Source: https://tribune.com.pk/pakistan-post