Economic Coordination Committee of the Cabinet has approved Proposal for Revision in Home Remittances Incentive Schemes to increase remittance inflows.

The Committee met with Finance Minister Muhammad Aurangzeb in the chair in Islamabad.

Under the scheme, the banks will receive higher rewards based on their performance in increasing remittances inflows.

Similarly, the Exchange companies will receive higher rewards based on their performance in mobilizing remittances.

These revisions are expected to further incentivize banks and exchange companies to increase remittance inflows boosting the country's foreign exchange reserves.

The meeting also approved agreement between China and Pakistan on Realignment of Thakot-Raikot under CPEC and construction of Chakdara-Timergara Road Project.