Pakistan Banao Certificates of $ 5,000 and above denomination formally launched
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Spokesperson of the Finance Ministry, Dr Khaqan Najeeb has said that "Pakistan Banao Certificates" of five thousand US dollars and above denomination have been formally launched.
In a statement in Islamabad on Friday, he said these are scruples certificates with a maturity of three or five years.
He said overseas Pakistanis possessing CNIC, National Identity Cards for Overseas Pakistanis and Pakistan Origin Cards will be eligible for buying these instruments.
The Spokesperson said the three-year certificate will offer 6.25 per cent return while the five year certificate will offer 6.75 per cent profit.
He said savings on these certificates will be available both in US dollars and Pakistani rupees.
Dr Khaqan Najeeb said profit on the certificates will be paid to the nominee of the investor in Pakistan or abroad in US dollar account. He said the certificates will be available for buying by June 30, 2019.
The Spokesperson said there will be no Withholding Tax and deduction of Zakat on "Pakistan Banao Certificates" to provide special incentives to the investors.
He said it is a golden opportunity for the Overseas Pakistanis to invest in these certificates under government's full guarantee.
The Finance Ministry Spokesperson concluded that the certificates reflect government's determination to ensure long term development.
Dr Khaqan said the interested investors can access to detailed information about the certificates through the website www.Pakistanbanaocertificates.gov.pk.
