Over $100 million deposited in Roshan Digital Accounts: Faisal Javed

ISLAMABAD: Senator Faisal Javed said on Thursday that over $100 million have been deposited in Roshan Digital Accounts and 44,000 plus accounts opened by overseas Pakistanis, ARY News reported.

Faisal Javed said in his Twitter message that overseas Pakistanis have so far opened over 44,000 Roshan Digital Accounts besides depositing more than $100 million. He added that more than $50 million has been invested in Naya Pakistan Certificates.

The senator praised the ‘fabulous response’ to the great initiative by the State Bank of Pakistan (SBP) and the finance ministry.

Read: Current account balance in surplus highest in 17 years: PM Imran Khan

Great News: Over $100 million have bn despisted in Roshan Digital Accounts & 44,000 plus accounts opened by our great overseas Pakistanis.
Also over 50 million invested in Naya Pakistan Certificates. Fabulous response to these great initiatives by @StateBank_Pak & @FinMinistryPak

— Faisal Javed Khan (@FaisalJavedKhan) November 26, 2020

Prime Minister Imran Khan had launched Naya Pakistan Certificate on November 12 which was introduced to facilitate overseas Pakistanis for opening a Foreign Currency Value Account (FCVA) are for overseas Pakistanis and those who have declared assets abroad with the Federal Board of Revenue (FBR).

Earlier, Faisal Javed of the ruling party had said 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: PM Imran Khan launches Roshan Digital Account project for Pakistani diaspora

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.

The Roshan Digital Account project aimed at providing digital banking facilities to overseas Pakistanis for the first time in the country had been launched by the premier in September.

Roshan Digital Account

State Bank of Pakistan (SBP) with the support of eight major banks in the country will lead the project under which Pakistani diaspora could be able to avail the banking facility from a digital payment system and the consumers would be able to open their bank accounts without visiting bank, embassy or consulate.

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.