The State Bank of Pakistan (SBP) officially closed the Sohni Dharti Remittance Scheme after more than four and a half years and in this regard, a circular has been issued to concerned banks and exchange companies.
Exchange Companies Association Chairman Malik Bostan has claimed that the scheme was closed by the government over IMF pressure.
He said that Sohni Dharti Remittance Scheme was benefitting overseas Pakistanis with key incentive who were sending remittances in Pakistan through legal banking channels.
Malik Bostan said the scheme had played a significant role in encouraging overseas Pakistanis to transfer money through formal banking channels, helping boost documented remittance inflows.
He expressed disappointment over the decision, stating that the Sohni Dharti Remittance Scheme should not have been abolished, as it was promoting the use of legal financial channels for remittances.
