The SBP said the resident Pakistanis who have declared assets abroad with the Federal Board of Revenue can open a Foreign...
The State Bank of Pakistan (SBP) has launched the Naya Pakistan Certificates with attractive returns over different maturities for the rersident Pakistanis who have a Foreign Currency Roshan Digital Account.
The newly-launched certificates are the foreign currency-denominated debt securities of the Government of Pakistan.
Announcing on its website, the central bank said the resident Pakistanis who have declared assets abroad with the Federal Board of Revenue (FBR) can open a Foreign Currency Roshan Digital Account. The resident Pakistanis, who have this account will be entitled to [among other facilities] invest in the NP Certificates with higher returns.
The central bank has provided important information as to how you can open the account and manage it.
1. Physically visit participating banks. The account can be opened by visiting a branch of any of the following 8 partner banks in Pakistan: Bank Alfalah, Faysal Bank, Habib Bank, MCB, Meezan, Samba, Standard Chartered, and UBL.
2. Follow usual process. The standard account opening process for resident Pakistanis will apply.
3. Provide tax return. In addition to standard documents required for KYC/CDD, the latest tax return including wealth statement filed with the FBR duly showing declaration/ disclosure of assets held abroad will be required.
4. Joint account facility. The account can be opened jointly with another resident Pakistani.
Feeding the Account. The account can be fed with remittances received from abroad through banking channels. Feeding from local sources is not allowed.
Banking Services. All banking services allowed through digital channels will be available with the account e.g. internet/mobile banking, ATM/ Debit cards. The bank may also issue a cheque book to the account holder, if required.
Investments. The account can be used to invest in foreign currency-denominated debt securities of the government of Pakistan, notably the USD Naya Pakistan Certificates, as well as foreign currency deposit schemes of the banks. Profit from these investments and disinvestment proceeds can also be credited in the account.
Payments. Transfer and payment to any person within or outside Pakistan is allowed.
Withdrawal. Cash withdrawal is available in either foreign currency or in equivalent Pak Rupees.
Full Repatriability. Funds in the accounts can be repatriated abroad anytime without any prior approval from SBP or the bank.