NBP sweetens remittance rules for expats in Japan

TOKYO: National Bank of Pakistan (NBP) has introduced a number of new features/services on top of easing rules to facilitate expatriates in sending remittances from Japan to their homeland safely as well as swiftly, a senior official said on Monday.

“From January to July this year, an amount of around 278 million yen has been sent to Pakistan through the bank, while last year Pakistanis sent 300 million yen home through National Bank of Pakistan,” said Zaheeruddin Babar, Country Manager National Bank of Pakistan for Japan, while talking to The News.

Babar said this year the target for outward remittance to Pakistan was set at 500 million and added that he was in the process of building liaisons with the Pakistani community, while NBP

had also terminated the condition that made it mandatory for the remitter to visit the bank in person to send the money.

“Now the remitter can instruct the bank by fax or email. After which within one day the money will be remitted to Pakistan,” the banker said. He said there was a dire need for overseas Pakistanis to send money in a legal way so that Pakistan's economy can improve.

From this year, Babar said, the Japanese banks had made it difficult for overseas workers to send money to Pakistan owing to Pakistan’s placement on the grey list of Financial Action Task Force.

“Due to this the pressure on the National Bank has increased, however we will try our best to provide maximum facilities to Pakistanis working in Japan,” the country manager said.

He also said,” It is been mandatory for Overseas Pakistanis to send money from the bank in order to send vehicles to Pakistan and as a result a large number of overseas Pakistanis are

now remitting the custom duties through the NBP in Japan”.