ISLAMABAD: After the State Bank of Pakistan’s objection, the government is likely to partially reduce incentives provided to Overseas Pakistanis under the National Remittance Loyalty Program (NRLP), according to sources close to the Finance Minister.
According to sources, the Cabinet’s Economic Coordination Committee (ECC) approved the following proposals on the National Remittance Loyalty Program submitted by the Finance Ministry: I points accumulation structure with an estimated financial impact of Rs. 13.107 billion; and (ii) service to be offered by different participating PSEs under NRLP at its meeting on August 11, 2021.
The ECC accepted NRLP’s proposal to provide incentives/rewards to Overseas Pakistanis for sending remittances to Pakistan based on the following point accumulation structure: – Structure of Points Accumulation
The incentive will be 1% for $ 10,000 each year, 1.25 percent for $ 30,000, and 1.5 percent for the next $ 30,000. In the case of $ 25,000 in yearly remittances, the incentive will be 10,000* 1% + 10,000* 1.25 percent. One reward point equals Rs 46.575. One reward point equals one rupee.