Pasban Remittance Rewards Scheme to Launch on October 1 With Rs16 Billion in Prizes
- Pasban Remittance Rewards Scheme will become operational from October 1 to encourage overseas Pakistanis to send money through formal banking channels.
- Commercial banks will offer a total of Rs16 billion in rewards, with more than 2,500 prizes worth Rs4 billion to be offered every quarter.
- The quarterly prize structure includes a Rs100 million top prize, along with prizes of Rs25 million, Rs10 million and Rs1 million.
The State Bank of Pakistan (SBP), in collaboration with the Pakistan Banks Association (PBA), has launched the Pasban Remittance Rewards Scheme, offering billions of rupees in prizes to encourage overseas Pakistanis to send remittances through formal banking channels.
The scheme is scheduled to become operational from October 1, 2026, and commercial banks will collectively offer Rs16 billion in rewards. Prizes will be distributed on a quarterly basis, with more than 2,500 rewards worth a combined Rs4 billion available during each quarter.
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| Prize Category | Prize Amount | Number of Prizes | Eligibility |
|---|---|---|---|
| 1st Prize | Rs100 million (10 crore) | 1 | Send at least US$100 (or equivalent in another foreign currency) through banking channels for 3 consecutive months |
| 2nd Category | Rs25 million (2.5 crore) | 20 | Same eligibility |
| 3rd Category | Rs10 million (1 crore) | 100 | Same eligibility |
| 4th Category | Rs1 million (10 lakh) | 2,400 | Same eligibility |
Under the advertised eligibility criteria, overseas Pakistanis are required to remit at least $100, or its equivalent in another foreign currency, through banking channels for three consecutive months. Once the qualifying remittance is received, eligible recipients will automatically become part of the scheme, with no fee, purchase or separate action required.
The prize structure includes a top prize of Rs100 million. In addition, 20 prizes of Rs25 million each, 100 prizes of Rs10 million each and 2,400 prizes of Rs1 million each will be offered. Applicable taxes will be deducted from prize money, while other terms and conditions will also apply.
Speaking at the launch ceremony, SBP Governor Jameel Ahmad said Pakistan’s workers’ remittances had recorded a significant increase, rising by around $10 billion to more than $41 billion. He said remittances were expected to exceed $44 billion by the end of the following year.
The governor said the Pasban scheme was designed to further encourage the use of legal channels for transferring money to Pakistan and help sustain growth in foreign exchange inflows. Particular attention, he said, had been given to discouraging informal channels such as hundi while improving the formal remittance system.
He also highlighted measures taken to strengthen the country’s external position, including easing import restrictions and promoting the Roshan Digital Account. According to him, global tensions had affected export performance, making the continued growth of remittances particularly important for foreign exchange inflows.
Jameel Ahmad said the country’s overall foreign exchange position had improved substantially. He stated that the State Bank had purchased around $30 billion from the open market over the past three years, while the combined foreign exchange reserves of the SBP and commercial banks had crossed $27 billion.
According to the governor, the existing reserves were sufficient to cover approximately three months of imports, while authorities were aiming to increase the coverage to around four months.
Referring to Pakistan’s recent economic performance, the governor said the current account deficit was expected to remain between zero and one per cent. He recalled that inflation had climbed to around 38 per cent during the period following fiscal year 2022, while the current account deficit had reached approximately $18 billion.
He said the central bank had released $8 billion into the open market in 2023, while restrictions on imports contributed to annual GDP growth contracting to around 0.2 per cent during fiscal year 2023.
The SBP governor also referred to Pakistan’s access to international capital markets, saying the issuance of Eurobonds had contributed to an improvement in the country’s credit standing and helped strengthen investor confidence. He said Pakistan had issued $3 billion in Eurobonds and was also considering international bond issuances in the future.
Measures were also being taken to support exporters, he said, adding that commercial banks were providing financing to exporters at a rate of around 4.5 per cent, while incentives were being offered to encourage higher exports.
Pakistan Banks Association Chief Executive Munir Kamal, speaking at the ceremony, explained the mechanism of the Pasban Remittance Rewards Scheme and said the programme would be operated jointly with the banking industry through a transparent system.
He said remitters meeting the qualifying requirements would be entered into the rewards programme, while officers of the State Bank and commercial banks would not be eligible to receive prizes under the scheme.
The rewards will be offered periodically, with the first major prize payout scheduled for January 15, 2027. According to the announced mechanism, prize money will be transferred directly to the account of the successful recipient.
Munir Kamal said the programme would undergo an independent audit by an international organisation to ensure transparency. 1LINK will operate the integrated technological system supporting the rewards programme.
The initiative is intended to recognise the contribution of overseas Pakistanis while encouraging more remittances to enter the country through regulated banking channels. The promotional campaign for the scheme carries the message, “Yeh Watan Tumhara Hai, Tum Ho Pasban Is Ke.”
Further details about eligibility, prizes and terms and conditions are available through the official Pasban Remittance Rewards portal operated by 1LINK.
