Freelancers Limit Of Receiving Remittances Increased From $1500 to $5000

The State Bank of Pakistan has allowed the freelancers in Pakistan to receive foreign payments of $5,000 per individual per month. This strategy can help them receive additional workers’ remittances of at least $1.2 billion per year.

Earlier in 2019, the limit of online payment was $1500 per individual per month for freelancers who were providing services in computer and informational technology, digital marketing services to their international clients.

Forex Association of Pakistan (FAP) President Malik Bostan said that Freelancers receive an average of $1.2 billion each year. 300,000 freelancers are working in Pakistan in the IT sector only. This increase can double the remittances to $2.5 billion per year sooner as the payment to be received has been increased from $1500 to $5000.

IT experts are already stressing the complex nature of foreign payments. The government allowed commercial payments as workers’ remittances in October 2018 for the first time in October 2018.

 The freelance payments in billion remain stuck in foreign accounts for years. The limit for pension has also been enhanced from $2500to $5000 in 2018.

This can help in facilitating the managers to receive higher remittances in Pakistan. remittances dropped 2% down comparing the year 2019 to 2020.

The post Freelancers Limit Of Receiving Remittances Increased From $1500 to $5000 appeared first on Nation Bytes.