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Electronic remittance service launched in Pakistan
From: "SDNP Info" <info@isb.sdnpk.org>
Electronic remittance service launched in Pakistan
Business Recorder, Ahmed Mukhtar, 12/8/2002
http://www.brecorder.com
ISLAMABAD (August 12 2002): Pakistan has completed its operational
arrangements with Western Union which has set up 244 centres in 113
cities/towns to replace the Hundi money transfer system with e-
remittance service in the far-flung areas of the country.
Western Union is one of the largest set-ups in the world of money
transfers. Pakistan is expecting $ 5-7 billion from expatriate
Pakistanis, which can now be tapped from this official source. If
this new system becomes successful, the dream of Pakistan to build
double-digit billion dollars forex reserves can be achieved.
After the September 11,2001, events the world has rapidly moved to
develop the channels for transfer of finances replacing all the
undocumented modes of transactions. It remained an easy way of
legalising and transferring all the black money from here to abroad.
Nearly $ 100 billion was sent abroad from Pakistan in the last two
decades.
Pakistan is quickly developing its anti-money laundering laws, which
would be enforced before the end of this fiscal year. Malaysia has
developed its law. However, other countries are also following suit.
When Pakistan was suffering as a result of the transfer of black
money and it had requested the Western nations to help it bring its
money back no one lent its hand. Now, when 'they' suffered, 'they'
are pushing all the Third World countries to do the same.
With the Western Union, Pakistan Post and the National Bank have made
arrangements, apart from Zarco Limited, for a large network in the
country to transfer money. Western Union has the largest network in
the world.
Anyone sending money from abroad, very similar to the Hundi system,
would get a number, which he would tell his family and a name of a
friend/family member, who would collect money from a local specified
centre. The person of given name with his ID card would come to
collect the money, which he would get after giving photocopy of his
ID card. The transaction would be fully documented and all the
requirements of reporting to the State Bank would be properly
followed.
The list of the cities contain (The number of centres in a city is
given in parenthesis): Abbottabad (2), Attock (2), Bagh AJK (5),
Bahawalnagar (2), Bannu (1), Bhakkar (2), Bhalwal (2), Chakwal (2),
Charsadda (1), Chichawatni (1), Chiniot (1), Chishtian (1), Chunian
(1), Dera Ismail Khan (1), Dadu (1), Daska (1), Deepalpur (1),
Deerkot (1), Dunga (1), Faisalabad (3), Faruqabad (1), Fawarwali (1),
Gilgit (1), Gojra (1), Gujjar Khan (1), Gujranwala (3), Gujrat (2),
Hafizabad (2), Hangu (1), Harappa (1), Harunabad (2), Hasilpur (1),
Hassanabdal (1), Hazro (3), Hub (1), Hyderabad (3), Islamabad (9),
Jahanian Mandi (1), Jaranwala (2), Jauharabad (3), Kamoke (1),
Karachi (33), Karak (1), Kasur (2), Khanpur (1), Khanewal (2),
Kharian (4), Kohat (1), Kotli (1), Kotli Bawanayab (1), Lahore (27),
Lalamusa (2), Larkana (1), Layah (1), Liaquatpur (1), Lodhran (1),
Mundi Bahauddin (2), Manga Mandi (1), Mansehra (1), Mardan (3), Mian
Chanun (1), Mianwali (2), Mirpur AJK (4), Mirpur Sindh (1), Multan
(5), Muridke (1), Murree (2), Muzaffarabad (5), Nankana Sahib (2),
Narang Mandi (2), Narowal (2), Nowshera (1), Okara (2), Pakpattan
(1), Pasroor (1), Pattoki (1), Peshawar (2), Phalia (1), Sheikhupura
(2), Qila Deedar Singh (1), Qila Kalarwala (1), Quetta (4), Rabwa
(1), Rahimyarkhan (1), Raiwind (1), Rajanpur (1), Rawlakot (2),
Rawalpindi (8), Renala Khurd (1), Sadiqabad (1), Sahiwal (3), Shahkot
(2), Sargodha (2), Shakargarh (2), Sialkot (3), Sukkur (2), Swat (1),
Talvandi Bhindran (1), Tanak (1), Toba Tek Singh (2), Vehari (1), Wah
Cantonment (2) and Wazirabad (2).
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