Great news.
http://www.brecorder.com/story.php?css=brecord.css&story=0000564094&m=0&s=0
AHMED MUKHTAR
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 (in parenthesis the number of centres in a city is given), 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).
Copyright 2002 Business Recorder (http://www.brecorder.com)
