KARACHI - Remittances sent home by overseas Pakistanis stood at $3,501.40 million in the first four months (July-October) of the current fiscal year 2010-11, showing an increase of $411.61 million or 13.32 percent over the same period of the last fiscal year. In October 2010, an amount of $855.10 million was sent home by overseas Pakistanis, up 12.77 percent or $96.81 million, when compared with $758.29 million received in the same month last year. The inflow of remittances in July-October, 2010 period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $819.57 million, $764.32 million, $666.27 million, $416.91 million, $393.25 million and $117.08 million respectively as compared to $679.23 million, $573.60 million, $653.06 million, $435.23 million, $315.82 million and $102.22 million respectively in the July-October, 2009 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first four months of the current fiscal year amounted to $324.01 million as against $329.76 million in the same period of last year. The monthly average remittances for the July-October 2010 period came out to $875.35 million as compared to $772.45 million during the same corresponding period of the last fiscal year, registering an increase of 13.32 percent. During the last month, the remittances from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $198.29 million, $187.99 million, $154.35 million, $104.18 million, $96.35 million and $32.44 million respectively as compared to $175.22 million, $142.85 million, $154.30 million, $111.36 million, $80.74 million and $23.95 million in October 2009. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during October 2010 amounted to $81.51 million compared with $69.74 million in the same month last year. It may be pointed out here that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called 'Pakistan Remittance Initiative (PRI) with a view to facilitating the flow of remittances through formal channels. This initiative has started to materialise and remittances through formal channels are showing considerable growth. It may also be mentioned here that Pakistan has been reported as a top nation, which has shown the highest growth in the world in remittances despite the recent global financial crisis.