The government has decided to issue debit cards to public sector enterprises (PSEs) to manage petty cash and imprest money more efficiently. This decision was made during a high-level meeting chaired by Prime Minister Shehbaz Sharif.
As per a news report, the issue was also discussed at a meeting of the Special Investment Facilitation Council (SIFC), where all participants agreed on the need for such a system to facilitate the cash needs of state-owned enterprises.
A committee led by the Finance Division is currently evaluating the integration of a card payment system into government services. This committee will review existing payment procedures, proposed debit card processes, advantages and disadvantages, and regulatory requirements. A comprehensive report will be prepared and shared with the prime minister for a formal decision.
Additionally, the government is exploring mechanisms for the securitisation of remittances and currency stabilisation. Efforts are being made to incentivise the use of formal banking channels for foreign exchange transactions.Â
Recommendations for a framework aimed at currency stabilisation are being developed to shut down informal channels like Hawala and Hundi, which are still widely used by overseas Pakistanis.
The Finance Division will form a working group comprising representatives from the Ministry of Commerce, the State Bank of Pakistan, and the Federal Board of Revenue.Â
This group will ensure the restoration of the cash-over-counter facility at National Bank of Pakistan (NBP) branches and booths at border crossings.Â
The group will identify underlying issues and provide updates at the next Economic Coordination Committee (ECC) meeting, with a report due within two weeks.
