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PM Khan introduces Pakistan’s first instant digital payment scheme

Islamabad: According to a recent report, to stabilize the country’s economic status the Prime Minister Imran Khan has initiated Pakistan’s first instant digital payment system known as ‘Raast’.

The launching ceremony was conducted on Monday, 10th of January, where the PM addressed that this project is going to help enhance the formal economy, financial inclusion of women, and eliminate poverty from the country.

According to the Prime Minister cash economy is a very big hurdle in extracting the true potential of the 220 million population of the country.

“Cash economy badly affects tax collection, which is evident from the fact that only two million out of 220 million people are tax filers, while 30,000 of taxpayers make 70pc of the total tax collection in the country,” the PM remarked. “With an increase in revenue collection, the government will create extra space to spend on human development – education, health, clean drinking water, etc.”

According to the Prime Minister, Digital Pakistan is a step forward from a cash economy towards the point where the country can take maximum advantage of its huge population.

Raast is part of Prime Minister Imran Khan’s Digital Pakistan vision designed for the inclusion of poor segments of the society in the formal economy. Raast would be used not only to settle small-value wholesale payments in real-time but will also provide cheap and universal access to all participants in the financial industry, including banks and fintech.

For more information and updates on this digital project, visit our website Property News.

 

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