Remittance is a decisive role in country economy. It circulates or flow the dollar in and outside the country. Pakistan standing 5th in the world that receives the remittance every year while, India is the largest receiving country. In year 2020-21 Pakistan received total remittance of $16.3 billion. The countries includes USA, UK, UAE, Germany, Australia Spain, Canada, Italy, Singapore, Afghanistan and other Gulf countries like Kuwait , Qatar, Bahrain, Oman while the largest Gulf country that provide a much amount to Pakistan is Saudi Arabia. The remittance plays a vital role in country’s economy it is used for the development sector and other investment purpose. Internationally remittance policies are drafted and countries signed several agreements that can boost the ratio of remittance.
Since independence, the government of PTI’s Imran Khan has taken the initiative and inaugurated first time in Pakistan the Roshan Digital Account for overseas Pakistan which has strengthened the mechanism of remittance. Now, Pakistan could be able to digitalize the money transaction across the country. The scheme opens a bright window for country’s economy and for the investment purpose. Under this scheme, the overseas Pakistani can send money easily and native people can get money easily without a trouble. Currently all over the world Pakistan is recognized as best on the basis of efficiency of its banking system.
So, since the government has introduced the Roshan Digital Account but there are many challenges that should be tackled seriously. The ratio of receiving remittance in Pakistan is not so high. Behind this, it have many factors the main includes people are not skilled such as technical skill or mainly poor education, poverty, lack of technology and modern system and the last some haven’t the ability to start small business in other countries. Throughout Pakistan especially in rural areas or villages Internet service should be ensured properly. Now people are using PTCL Internet service and private telecommunication net services that are remarkable such as Mobilink and Telenor. The channel of Internet, either it would be government or private should be fast and easily available. People complained mostly server error in PTCL system while, in private telecommunication it is much expensive as compare to PTCL. The private telecommunication provides limited MBs within a limited account along bring tax in each charge. It’s would not acceptable for a common man. The other main factor is privacy and security issue. People have lack of awareness about the fact of transaction policies so customer stays way from e-banking system. All policies facts, rules and restriction should be advertised openly so the client can adopt easily without any hesitation.
Moreover government now digitalized the banking system for overseas but overall it depends upon the client trust and eagerness. There is much need for the better program performances. Lack of trust can impact the efficiency of program. Government should aware and encourage people to turn to this. If trust is not exist, else people would not take this risk of using this service. And trust should be achieved on the basis of fairness, efficiency, activeness and cooperation and support from the Internet services along with country participation. The last but not least other main element is perceives usefulness. Now in many urban cities people have adopted the e-shopping or online shopping. So, the countable part of this system is its usefulness. Once people use it would be beneficial for both nation and state. The formulation and inauguration is much easy as compare to implementation. Not only system of Internet and people are responsible for the success of the program. The main head office and the authority should work hard for the check and balance. Once the program start it doesn’t just end there. It is every one’s duty to try to make it better. Innovation is created, therefore, it is called necessity is the mother of invention.
[box type=”note” align=”” class=”” width=””]The author Faiza Saleem is a M. Phil research student, University of Karachi[/box]