Govt mulls easing curbs to facilitate asset transfer
KARACHI: The government is considering relaxing the remittance cap in the upcoming budget as overseas Pakistanis in several countries face difficulties in protecting their investments and liquid assets abroad, sources in the financial industry said. At present, remittances exceeding Rs5 million are subject to restrictions if the sender and recipient are not blood relatives. The limit was previously set at Rs10m before being reduced to Rs5m. According to sources, worsening con
The Pakistani government is evaluating a proposal to lift current restrictions on financial remittances in the upcoming budget. Currently, transfers surpassing 5 million rupees between individuals who are not immediate family members face strict regulatory hurdles. Financial experts suggest that this policy change is necessary to assist expatriates who are struggling to repatriate liquid assets due to rising instability in the Gulf region and other international markets. Wealthy Pakistanis with significant investments abroad are reportedly seeking to move their capital back home as property values in hubs like Dubai decline. By easing these transfer caps, officials hope to provide a secure pathway for citizens to protect their wealth while simultaneously bolstering the domestic economy through increased capital inflows. This shift reflects a broader effort to accommodate the financial needs of the diaspora amidst shifting global security and economic conditions.
Easing remittance caps could provide a critical financial safety net for the Pakistani diaspora while strengthening the country's foreign exchange reserves.
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