[The Nation 29 April, 2019]

ISLAMABAD – Federal Minister for Communications and Postal Services Murad Saeed Sunday said the Pakistan Post was planning to launch Foreign Remittance Initiative (FRI) for overseas Pakistanis to offer them cost-free money transfer service. The minister, during a press briefing here at Economic Cooperation Organization (ECO) Postal Staff College, said the proposal had been sent to the National Bank of Pakistan (NBP) and State Bank of Pakistan (SBP) for approval in the last month.

He said the initiative would enable Pakistani expatriates to send their hard-earned money to their loved ones at door step with the help of the Pak-Post. He said the FRI was aimed at encouraging the overseas Pakistanis to remit their cash through legal means which would eventually lead to boost foreign exchange reserves of the country. “Around US 20 billion dollars are being remitted via Hawala-Hundi, annually”, Murad claimed, adding that the prime objective of FRI was to curb this menace.