ISLAMABAD: The Overseas Pakistanis Foundation (OPF) on Friday announced launching of Foreign Exchange Remittance Card (FERC) scheme with effect from today (Saturday) to encourage remittances by overseas Pakistanis through normal banking channels.

According to an official announcement, the holder of the Foreign Exchange Remittance Card (FERC) would be entitled to a number of facilities/benefits in Pakistan. The OPF, the announcement said, has been assigned the task of issuing FERC to non-resident Pakistanis remitting foreign exchange equivalent to at least $2,500 (silver card) and $10,000 or more (golden card) per annum through normal banking channels. "One of the main features of the incentive package is the establishment of separate counters at arrival and departure lounges of the international airports in Pakistan for special handling of the golden and silver card holders," it said. "These special counters will become operational from September 1, 2001, and would be manned by the OPF," it added.

According to official sources, remittances by overseas Pakistanis through normal banking channels are a vital source of balance of payments support for the country. Funds channelled through 'hundi' or other means bypassed legal conduits and deprived the country of much-needed support. "Hence, cognizant of the problem of diminishing home remittances, the government has initiated a concerted programme to facilitate those non-resident Pakistanis who remit money through normal banking channels."

The announcement said non-resident Pakistanis remitting foreign currency equivalent to $2,500 per annum to Pakistan shall be entitled to:

Separate counters for special handling at arrival and departure lounges at airports.

Free issuance and renewal of passport on an urgent basis.

Duty-free allowance of personal baggage of a value of $700 during a calendar year.

For those remitting foreign currency equivalent to $10,000 or more per annum shall be entitled to the following benefits:

Separate counters for special handling at arrival and departure lounges at airports.

Free issuance and renewal of passport on an urgent basis.

Duty free allowance of personal baggage of a value of $1,200 during a calendar year.

The announcement said the following facilities would be available to the FERC holders soon:

Special quota to be reserved in the public sector professional colleges and universities, while maintaining minimum standards. -- An allocation of up to 25% in Initial Public Offering (IPO).

Ballot of choice plots in public housing schemes at attractive prices.

Discount in auctions of industrial units by Corporate and Industrial Restructuring Corporation (CIRC).

Special allocation of shares in privatisation of government owned entities.

On eligibility, the sources said, the OPF would issue golden and silver cards to overseas Pakistanis, who have remitted foreign currency equivalent to $2,500 and $10,000 per annum, in order to avail the announced privileges.