Pakistan is considering reviving its Foreign Exchange Remittance Card (FERC) with new incentives, including tax-free import of luxury hybrid vehicles.
The move aims to facilitate overseas workers and boost remittances through legal channels. Sayed Zulfikar Bukhari, Prime Minister’s Special Assistant for Overseas Pakistanis, stated that the Ministry of Overseas Pakistanis has proposed rewarding overseas Pakistanis who use banking channels to send money back home with a duty-free import of a hybrid car, provided they remit a minimum of $100,000 in two years.
The FERC, set to relaunch by January 2020, will feature tiered benefits based on remittance amounts, including hotel discounts, airport lounge access, PIA ticket discounts, and more. The initiative also seeks to discourage illegal remittance channels like hundi/hawala.
The government aims to reduce the use of illegal channels and encourage overseas Pakistanis to make optimal use of the remittance card and its facilities.
The Ministry of Finance introduced the FERC in September 2001, and its revival is part of a broader strategy to attract remittances through legal means and reward overseas Pakistanis for their contributions to the national exchequer. The FERC will offer tiered benefits based on remittance amounts, promoting legal channels and providing additional incentives such as duty-free import of hybrid vehicles.
The move aims to encourage overseas Pakistanis to use proper channels for remittances, reduce the use of illegal channels like hundi/hawala, and contribute to the national exchequer. The FERC will be relaunched by January 2020, featuring tiered benefits, including duty-free import of hybrid vehicles, hotel discounts, airport lounge access, PIA ticket discounts, and more.
The Ministry of Overseas Pakistanis is actively working on the relaunch of the FERC, seeking feedback from its commerce division for new incentives, including duty-free import of luxury hybrid vehicles. The move aims to attract remittances through legal channels and provide additional benefits for overseas Pakistanis using the FERC.