The government has decided to launch National Remittance Loyalty Programme (NRLP) on 1 Oct to allow redemption in cash of reward points earned by overseas Pakistanis for sending remittances back home through official channels.
This decision was finalised by the cabinet in a meeting of the federal cabinet presided over by Prime Minister (PM) Imran Khan.
Finance Minister (FM) Shaukat Tarin explained, “requested that the decision of ECC on the NRLP be ratified with the stipulation that the points/rewards earned by the remitters may also be redeemed in cash”
Under the scheme 1 per cent reward points on an annual remittance of up to $10,000 equivalent, 1.25pc reward on up to $30,000 and 1.5pc reward points on annual remittances of more than $30,000 are likely to be allocated.
Additionally, a remitter of $25,000 a year would be entitled to a reward of Rs46,575 based on the points accumulated. This means the first $10,000 in remittance would get reward points at the rate of 1pc, followed by 1.25pc for the next $15,000.
For this purpose, an android and IOS app has already been developed in both English and Urdu. Moreover, the NRLP will include three categories: green, gold and platinum. In addition to a feature of “Virtual Loyalty Card”.
These reward points can also be redeemed against PIA tickets, extra luggage, duty on cars and mobile phones, renewal of CNIC/NICOP or passport. Other payments of utility bills, life insurance and taxes can also be made through these points.
The estimated financial budget for this scheme is Rs13.107 billion for FY2022 and was approved by PM on 2 July.
