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KARACHI: The government is considering relaxing the remittance cap in the upcoming budget as overseas Pakistanis in several countries face difficulties in protecting their investments and liquid assets abroad, sources in the financial industry said.
At present, remittances exceeding Rs5 million are subject to restrictions if the sender and recipient are not blood relatives. The limit was previously set at Rs10m before being reduced to Rs5m.
According to sources, worsening conditions in parts of the Gulf region have prompted many Pakistanis to consider repatriating their funds. While the sale of overseas properties remains difficult, liquid assets can be remitted to Pakistan. However, the existing cap on transfers above Rs5m is viewed as a significant obstacle.
Pakistanis have consistently ranked among the largest foreign purchasers of property in Dubai, second only to Indians on several occasions. At the same time, thousands of Pakistani technology firms have relocated to Dubai in recent years, attracted by business opportunities and a more favourable tax regime.
