PM Imran Khan launches Naya Pakistan Certificates for overseas Pakistanis

ISLAMABAD: Prime Minister Imran Khan launched the 'Naya Pakistan Certificates' scheme on Thursday, inviting overseas Pakistanis to bring in foreign remittances in the country. 

According to the scheme, Pakistanis living abroad, as well as resident Pakistanis who have declared their foreign assets to the Federal Board of Revenue (FBR), are eligible to buy the certificates. 

The certificates, which will be administered by the State Bank of Pakistan (SBP), will give up to 7% return in US Dollars and 11% in Pakistani rupees. 

Addressing a press conference, PM Imran Khan said that the SBP has offered some very good incentives to overseas Pakistanis through the certificate.

"We have to take such initiatives forward. The Naya Pakistan Certificate is important because it will convince overseas Pakistanis to bring foreign currencies to Pakistan," he said.

The PM added that once people start bringing in their dollars to Pakistan, they will not only benefit from the scheme themselves but it would also help Pakistan stabilise its economy.

"As soon as people will start bringing foreign remittances to Pakistan, our reserves will go up and our market rates will improve," PM Khan stressed.

He said that the PTI-led government is doing everything it can to resuscitate the economy.

"If we did not have to bear the burden of the previous government's corrupt practices and incompetent policies, we would be far ahead. Nonetheless, by employing efforts, our economy is now moving in the right direction."

Earlier in the day, PTI Senator Faisal Javed Khan also tweeted some details about the new scheme, adding that the certificate will have flexible tenures, starting from three months to five years, with the option of early encashment.

"For non-resident Pakistanis, no tax filing is required. Only 10% withholding tax on profits," said the senator. He also said that the Naya Pakistan Certificates were "fully repatriable" and do not require any approvals.

What are the Naya Pakistan certificates?

As per the State Bank of Pakistan (SBP), the Naya Pakistan Certificates (NPCs) are USD and PKR-denominated sovereign instruments issued by the federal government. 

"NPCs offer attractive risk-free returns over different maturities. They are available in both conventional and Shariah-compliant versions and administered by the State Bank of Pakistan," said the SBP.

Overseas Pakistani can invest in the certificates by opening a Roshan Digital Account in any foreign currency of Pakistani Rupees. 

After opening the account, the overseas Pakistanis can buy the certificate of their choice from the balance in the Roshan Digital Account.