05-13-2009, 07:35 AM
By Jawwad Rizvi
LAHORE: Some Pakistanis living aboard are facing numerous problems in sending home remittances as they are not familiar with the formal channels of money transfer and are now trying to send money by hand through people whom they work with.
People living abroad illegally or working illegally are the most affected by the curb on informal channels of money transfer. Those who visited western countries and the Middle East for education or on visit visa are unable to send money through formal means. According to their visa, they either have no permission to work or they have been allowed work for a limited time. If they send back huge amounts, then they would have to face legal action.
A person, who had received remittances from an informal channel, revealed to The News that his brother sent him Rs1 million. When asked why his brother did not send money through banks, Western Union or other channels, he said, “My brother is in a western country and as per his visa he could not work too much to earn this much amount. So he could not send a huge amount through legal channels.”
Similarly, another overseas Pakistani who came back home from the Middle East after three years revealed that he had not sent a single penny to Pakistan due to the crackdown on informal money transfers. He said his monthly earnings were very limited while his parents were also unable to operate a bank account so sending money through formal channels was not suitable for him.
According to State Bank’s data, remittances received in April 2009 totalled $697.52 million, up 18.08 per cent or $106.81 million compared to $590.71 million received in April 2008. Sources in the central bank revealed that if the government had not tightened the screws on informal money transfers, the arrival of remittances through formal channels would not have exceeded $600 million.
In 10 months from July to April 2008-09, the country received $6.35 billion in remittances, 19.49 per cent and $1,036.5 million more than the corresponding period last year.
http://www.thenews.com.pk/daily_detail.asp?id=177208
LAHORE: Some Pakistanis living aboard are facing numerous problems in sending home remittances as they are not familiar with the formal channels of money transfer and are now trying to send money by hand through people whom they work with.
People living abroad illegally or working illegally are the most affected by the curb on informal channels of money transfer. Those who visited western countries and the Middle East for education or on visit visa are unable to send money through formal means. According to their visa, they either have no permission to work or they have been allowed work for a limited time. If they send back huge amounts, then they would have to face legal action.
A person, who had received remittances from an informal channel, revealed to The News that his brother sent him Rs1 million. When asked why his brother did not send money through banks, Western Union or other channels, he said, “My brother is in a western country and as per his visa he could not work too much to earn this much amount. So he could not send a huge amount through legal channels.”
Similarly, another overseas Pakistani who came back home from the Middle East after three years revealed that he had not sent a single penny to Pakistan due to the crackdown on informal money transfers. He said his monthly earnings were very limited while his parents were also unable to operate a bank account so sending money through formal channels was not suitable for him.
According to State Bank’s data, remittances received in April 2009 totalled $697.52 million, up 18.08 per cent or $106.81 million compared to $590.71 million received in April 2008. Sources in the central bank revealed that if the government had not tightened the screws on informal money transfers, the arrival of remittances through formal channels would not have exceeded $600 million.
In 10 months from July to April 2008-09, the country received $6.35 billion in remittances, 19.49 per cent and $1,036.5 million more than the corresponding period last year.
http://www.thenews.com.pk/daily_detail.asp?id=177208