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The government of Pakistan is considering a host of measures including mandatory bank accounts for Pakistanis going abroad for jobs - as well as more benefits for the remittance recipients in order to attract more foreign exchange through legal channels, a senor central bank official said.
"It will be mandatory for all those Pakistanis who are going abroad for jobs to have an account in the country. It's not compulsory now but, I think it will be made mandatory next year," said Syed Irfan Ali, executive director, State Bank of Pakistan.
The Pakistani banks are also creating 'value proposition', meaning that banks will give more incentives to the remittance recipients, Ali said while speaking on the sidelines of the Pakistan Remittance Summit held at JW Marquis Hotel in Dubai on Friday.
The Summit was attended by senior officials of the Foreign Exchange and Remittances Group as well as executives from banking industry of the UAE and Saudi Arabia.
Last week, the State Bank of Pakistan launched "Asaan Remittance Account" for prospective beneficiaries of home remittances with a view to promote remittances through legal channels and improve the reach of basic financial services to the unbanked citizens of country.
As per the regulations, the account will only be used to receive remittances and the account holder is not allowed to deposit funds in the account.
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