KARACHl: The Exchange Companies Association of Pakistan (Ecap) announced to donate Rs20 million for the construction of Bhasha and Mohmand dams.

`This was announced during a meeting with Finance Minister Asad Umar on Tuesday in Islamabad,` said Ecap Secretary General Zafar Paracha.

The meeting was held on Ecap`s request.

Mr Paracha said Ecap demanded to stop incentive on remittances under PRI (Pakistan Remittance Initiative) which is about Rs70-80 billion annually.

He said this is a wrong impression that remittances increased due to PRI. He proposed that incentives should be given to the remitter, instead of banks.