• Rs4bn to be distributed among 2,521 winners in each quarterly draw
• Each raffle to award Rs100m top prize; twenty Rs25m, 100 Rs10m and 2,400 Rs1m prizes
• Beneficiaries receiving at least $100 in each of three months qualify automatically
• First draw on Jan 15 next year for remittances received from Oct 1 to Dec 31
• Cash-over-counter, RDA remittances excluded from scheme

KARACHI: State Bank Governor Jameel Ahmad on Friday launched the Pasban Remittance Reward Scheme, under which the banking industry will offer Rs16 billion in annual cash prizes to recipients of home remittances sent through formal channels, with no cost to the national exchequer.

The scheme, launched under the auspices of the Pakistan Banks Association (PBA) and developed under the patronage of the State Bank of Pakistan (SBP), is aimed at encouraging overseas Pakistanis to send money through formal banking channels. It will distribute Rs4bn in prizes every quarter to 2,521 winners, or more than 10,000 winners annually.

Each quarterly draw will offer one top prize of Rs100 million, 20 prizes of Rs25m each, 100 prizes of Rs10m and 2,400 prizes of Rs1m.

The scheme rewards the person receiving the remittance in Pakistan instead of the sender abroad. Partici­pation is automatic and free, with no application, registration, ticket purchase or minimum-balance requirement.

To qualify, a beneficiary must receive home remittances equivalent to at least $100 into an eligible bank account or wallet in each of the three months of a quarter.

The number of entries increases with the value of each qualifying remittance. For example, a $260 remittance earns three entries, while $1,000 earns 10. There is no upper limit on the number of entries that an eligible account can earn.

However, cash collected over the counter will not qualify, as the remittance must be credited directly to an eligible account or wallet. Roshan Digital Account inflows and remittances credited to foreign-currency accounts are also excluded.

The first qualifying period will run from Oct 1 to Dec 31, 2026, and the first draw is scheduled for Jan 15, 2027.

Prizes other than the top award will be distributed through regional pools, with 50 per cent allocated to remittances originating from the Gulf Cooperation Council countries, 15pc each to the United Kingdom and Europe, and 10pc each to North America and other countries.

The Rs100m first prize will be open to eligible beneficiaries regardless of the country from which the remittance was sent.

Speaking at the launch ceremony, the SBP governor said workers’ remittances were the backbone of millions of families, helping meet household expenses and supporting education, healthcare and investment.

Mr Ahmad said Pakistan’s external account position had improved substantially and SBP’s foreign exchange rese­rves have jumped to $21.4bn from below $3bn in February 2023.

He said the strengthening of foreign exchange buffers had been driven primarily by purchases from the market rather than accumulation of external debt.

Meanwhile, workers’ remittances reached a record $41.6bn in FY26 compared to $21.7bn in FY19, nearly doubling over the period.

Mr Ahmad said the government and SBP had over the years introduced various Home Remittance Incentive Schemes to encourage the use of formal channels. As those programmes expanded and their cost increased, the authorities began moving towards “a more sustainable, market-oriented model” funded in coordination with the banking industry.

He said Pasban represented another step in that transition and would help maintain the attractiveness of formal remittance channels while recognising the contribution of overseas Pakistanis.

The scheme’s terms and conditions state that Pasban builds on systems previously used for the Sohni Dharti Remittance Programme, which has been discontinued. Pasban is a separate scheme and points or rewards accumulated under Sohni Dharti will not be transferred to it.

PBA Chief Executive and Secretary General Muneer Kamal said Pasban built on a remitter incentive funded by banks since July 2026, taking the banking industry’s annual commitment towards remittance-related support to close to Rs100bn.

The draw process will be operated by 1LINK through an algorithm-based random selection system without manual intervention, while the entry-generation and draw systems will be independently audited.

Prize money will be placed in escrow at the National Bank of Pakistan before each draw. Winners will be contacted by their banks and results will also be announced publicly without disclosing personal details.

After verification, prizes will be credited in rupees to the winning accounts and applicable withholding tax will be deducted at source.

Published in Dawn, September 26th, 2026