The government yesterday gave an undertaking to the commercial banks to clear Rs12 billion transfer charges on account of foreign exchange remittance in three stages within six months.
The agreement was reached at a meeting presided over by Finance Minister Ishaq Dar and attended by senior representatives of leading banks and State Bank Governor Ashraf Wathra.
The meeting had a detailed overview of the Pakistan Remittances Initiative (PRI) expressing satisfaction on the steady increase in foreign remittances, especially eulogising the contribution of overseas Pakistanis who were increasingly adopting banking channels to send remittances.
The finance minister said that the transfer charges accrued up to June 2014 would be paid to the banks in accordance with their due share by July 2015.
