KARACHI, 6 August - The Pakistan government has almost finalized the Silver and Gold Foreign Exchange Remittance Cards (FERC), which will be issued to the non-resident Pakistanis, an official of Overseas Pakistanis Foundation said here on Saturday. The gold card will be issued to those non-resident Pakistanis who will send $10,000 or more through the legal banking channel while silver cards will provided to those non-resident Pakistanis who will send $2,500 through the legal banking channel, the source said.
Non-resident Pakistanis remitting foreign currency equivalent to $10,000 or more will be entitled to the separate counters for special handling at arrival and departure lounges at the airports and free issuance and renewal of passport on urgent basis.
Non-resident Pakistani remitting foreign currency equivalent to $2,500 per annum to Pakistan will be entitled to, separate counters for special handing at arrival and departure lounges at airports. Free issuance and renewal of passport on an urgent basis and duty frees allowance of personal baggage valuing $700 during a calendar year.
Remittances by overseas Pakistanis, through normal banking channels, are vital source of balance of payments support for the country.
Funds channeled through "Hundi" or other means bypass the legal conduits and deprive the country of much needed support. Cognizant of the problem of diminishing home remittances, the government has initiated concerted program to facilitate those non-resident Pakistanis who will remit money through normal banking channels.
Toward this end, a special package to facilitate the overseas Pakistani community has been implemented, comprising the following salient features. Special quota to be reserved in the public sector professional colleges and universities, while maintaining the minimum standards.
Duty-free allowance of personal baggage of a value of $1,200 during a calendar year. An allocation of up to 25 percent in Initial Public Offerings (IPOs), ballot of choice in plots in public housing schemes at attractive prices. Discount in auctions of industrial units by Corporate and Industrial Restructuring Corporation (CIRC).
Special allocation of shares in the privatization of government owned entities. Payments against the above noted transactions to be made directly by way of foreign currency remittances through normal banking channels.
The government has laid down the procedure of obtaining the cards by the overseas Pakistanis. According to procedure as soon as the remitter achieves the remittance target ($2,500 or $10,000) in the stipulated time frame, he may fill in the attached application form and submit it to the OPF head office in Pakistan or the Pakistani mission abroad, along with the Remittance Book in person or through courier service.
Remittances would ordinarily be acknowledged/stamped into the Remittance Book through the remitting bank. In case the remitting do not verge the transaction in the Remittance Book, the remitter may get the acknowledgment receipt of remitted amount from the bank and get the same acknowledged/stamped into the application to the OPF, Islamabad, on a weekly basis for issuance of Remittance Cards. OPF, would return the manufactured cards to the respective missions abroad for their onward dispatch to card holders.
