National Remittance Loyalty Program to Overseas Pakistanis
According to media reports, the Economic Coordination Committee (ECC) of Islamabad has approved the National Remittance Loyalty Programme (NRLP), which contains incentives for overseas Pakistanis to increase the flow of remittances.
In an effort to preserve the flow of remittances, the ECC meeting chaired by Finance Minister Shaukat Tarin approved the structure and projected financial impact of the NRLP to encourage remitters to transmit monies through legitimate channels.
Under this scheme, senders of remittances to Pakistan would get incentives and awards based on the system of point accumulation. According to the information provided, this scheme would cost the national treasury PKR 13,1 billion.
According to the scheme, 1% reward points will be paid on remittances of USD 10,000, 1.25% reward points will be offered on remittances up to USD 30,000, and 1.5% reward points will be offered on remittances beyond USD 30,000.
In addition, NRLP will have three tiers: Green, Gold, and Platinum, with a ‘Virtual Loyalty Card’ feature. By doing so, the senders will be registered as principal users and will be able to add one other user as a beneficiary. In addition, both English and Urdu mobile apps for iOS and Android have been created.
Banks have borne the costs of construction and operation. All home remittances through legitimate methods, including cash received via Roshan Digital Accounts, qualify for the program.
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