PM Imran Khan to launch Naya Pakistan Certificates today: Faisal Javed

ISLAMABAD: Senator Faisal Javed has said that Prime Minister Imran Khan will launch Naya Pakistan Certificates (NPCs) by State Bank of Pakistan (SBP) for overseas Pakistanis today, ARY News reported

PM Imran Khan will launch the State Bank of Pakistan (SBP)’s Naya Pakistan Certificates (NPCs) today which is being introduced to facilitate overseas Pakistanis for opening a Foreign Currency Value Account (FCVA).

Senator Faisal Javed said in a statement that it will be another ‘great news’ for overseas Pakistanis and those who have declared assets abroad with the Federal Board of Revenue (FBR). He added that the premier will launch NPCs by the central bank today.

Flexible tenures starting from 3months to 5 yrs. Early encashment is allowed. For NRPs, No tax filing is required. Only 10% withholding tax on profits. #NayanPakistanCertificates are fully repatriable. No approvals required for remitting funds abroad.#بہترین_منافع_بہترین_مستقبل

— Faisal Javed Khan (@FaisalJavedKhan) November 12, 2020

The lawmaker detailed that NPC holders will get up to 7 per cent return in US dollar and 11 per cent in Pakistani currency, whereas, Islamic Certificates (Shariah-compliant) are also being offered by the central bank.

Read: Over 21,000 Roshan Digital Accounts opened, $24mn received: PM Imran

The certificates will be made available for the period of three months to five years while early encashment is allowed, said Faisal Javed, adding that no tax filing is required for Non-Resident Pakistanis (NRP) and only 10 per cent withholding tax will be charged on profits.

‘Naya Pakistan Certificates are fully repatriable and no approvals required for remitting funds abroad,’ said the senator.

Yet another #GreatNews for our Overseas Pakistanis & those Pakistanis who ve declared assets abroad w/ FBR. PM Imran Khan is launching #NayaPakistanCertificates by @StateBank_Pak today iA. Upto 7% Return in USD & 11% in PKR. ISLAMIC Certificates (SHARIAH compliant) are available

— Faisal Javed Khan (@FaisalJavedKhan) November 12, 2020

Roshan Digital Account, a major initiative in collaboration with eight commercial banks, had been launched in September for providing digital banking facilities to overseas Pakistanis. It also enabled investment in Naya Pakistan Certificates (NPCs) issued by the Government of Pakistan at very attractive risk-free rates.

Prime Minister Imran Khan had launched the Roshan Digital Account project on September 10.

Under the initiative, the Pakistanis living abroad would be able to operate their accounts without visiting the country and could avail facilities of direct banking, bill payment and other e-commerce facilities.

These accounts could also be used for investments in the stock exchange and property within Pakistan. The consumers would also have the option to either open a Pakistan currency or foreign currency account.