"This sea change in the approach is being manifested here today when we are launching Pakistan Remittance Initiative with a view to discharge government responsibility to provide safe, cheap, and efficient remittance delivery channels to overseas Pakistanis to send their funds back home,' 1 he said and added that the real motivation is not the collection of additional foreign exchange rather to provide for facilitation to the remitters
and their families back home.
"MEC also provides life insurance cover of BD1,250-1,500 to all its remitters
, first by any exchange company in Bahrain.
The company services also include India corridor, credit to SBI accounts through SBI Express within hours with a confirmatory SMS to the beneficiary in India and remitter
in Oman; credit to State Bank of Travancore accounts within hours with an SMS confirmation to the remitter
; credit to the accounts of all banks in India within 24 hours through
Regardless of the motive to remit, the amount remitted is determined by the economic fortunes of the remitter
and the recipient, among other variables.
Each remittance received was broken into packages without the knowledge of remitter
and shared between the conniving officers of banks and State Bank of Pakistan.
With HDFC IndiaLink, the Company is now offering the following services: Credit to HDFC accounts within hours with a confirmatory SMS to beneficiary in India as well as remitter
in Oman; Credit to the accounts of all public sector and private banks in India within 24-48 hours depending upon RTGS or NEFT transaction with an confirmatory SMS.
can therefore avail of this life insurance scheme free of cost for as long as he/ she wishes by simply remitting money on a monthly basis through Xpress Money, irrespective of the amount transacted."
He said that arrangements have been made for keeping check on the capability of the remitter
and purpose of the remitting.
It may be mentioned here that in order to encourage overseas Pakistanis for using banking channels and to provide same day delivery (within 24 hours) of home remittances to beneficiary accounts and protect the remitter
and beneficiary from any loss or harm; an efficient and effective payment systems architecture was introduced by Payment Systems Department of State Bank of Pakistan in coordination with PRI team in November, 2009.
The index developed by the World Bank to monitor this target, known as Smart Remitter
Target (SmaRT), goes beyond just the cost of the service and includes accessibility, reach, and transfer speed in the equation.
Under the enhancement made in three projects in partnership with Central Bank, the process also includes a compilation of remitter
and payee information in payment file.