ECC approves incentives worth Rs9.6 bn to propel remittances

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved Rs9.6 billion worth of incentives for banks, foreign exchangecompanies and remitters to fuel fast pace of remittances in the remaining months of the current fiscal year.

The ECC approved the technical supplementary grant to finance a host of measures during the current fiscal year to encourage and facilitate the overseas Pakistanis to send their remittances through official banking channels. Remittances scaled up 12 percent to $14.3 billion in the first eight months of the current fiscal year.