The National Bank of Pakistan (NBP), which has tied up with major players in the remittance business like Tahweel Al-Rajhi, Samba, Enjaz and Arab National Bank, has made the task of transferring funds back to Pakistan very simple by launching two top class remittance services. The NBP has launched an innovative service called “NBP Foree Cash” (instant cash delivery) and another service known as “NBP Foree Transfer” (instant transfer to bank accounts in Pakistan). “Anyone from Saudi Arabia can now easily send cash to be received at NBP counters in Pakistan within a few minutes and free of charge,” said Khalid Bin Shaheen, SEVP and Group Chief, GHRMG NBP and Chairman, National Exchange Company. The beneficiary in Pakistan is required to visit the nearest bank branch and provide a valid photo identity card like passport or driving license to collect the cash. “You don't need to have any account with the NBP to receive payment in Pakistan,” said Shaheen. NBP currently offers unmatched outreach with over 1,270 branches spread across Pakistan.He said a service quality assurance and complaint handling team to handle customer inquiries with prompt reply had also been set up. The NBP branches in Pakistan, he said, also introduced a SMS alert facility to beneficiaries “for cash collection and for credit to account” as soon as funds are remitted from Saudi Arabia and reach the country. To this end, he noted the remittance business in Pakistan is being monitored and streamlined within the framework of the Pakistan Remittance Initiative (PRI). The PRI, launched by State Bank of Pakistan in cooperation with Pakistan's Ministry of Overseas Pakistanis and Ministry of Finance, has a mandate to achieve the objective of facilitating and supporting a faster, cheaper and more convenient and efficient flow of remittances. This initiative is taking all the necessary steps to enhance the flow of remittances, while ensuring compliance with regulatory provisions. The move is more important for the Gulf states and Pakistan as about 60 percent of total dollar remittances sent to Pakistan are from the Gulf countries. Asked about the growth in remittances, the NBP official said the number of remittances is growing progressively. He said unrest in the Middle East region and the growing migration of Pakistani skilled workers to Arab countries are the major causes of the growing volume of remittances. “A total of 39,000 Pakistani workers are recruited for different countries, mainly to Arab destinations every month nowadays,” he added. Asked about the problem posed by money launderers, Shaheen said Pakistan's Federal Investigating Agency (FIA) has tightened the noose around the necks of suspects involved in money laundering. In a nationwide crackdown, a large amount of foreign and Pakistani currency was seized from the possession of some individuals and companies recently, he noted. Interior Minister Rehman Malik ordered the FIA last Sunday to launch a crackdown on foreign exchange dealers involved in hawala and hundi practices (illegal money transfers). Following the crackdown by FIA, such business activities reportedly dropped by 80 percent last year. Illegal transfers of money are becoming more difficult now because of the attractive terms and conditions offered by banks in Saudi Arabia and Pakistan. Almost all major banks, he said, have also gone online, which helps in curbing the hawala practice. To this end, Shaheen noted that the NBP has taken 1,000 of its branches online out of its countrywide network of 1,270 branches.
