Federal Government launches new investment scheme for the overseas Pakistanis
The State Bank of Pakistan (SBP) has allowed overseas Pakistanis to invest in pension funds offered by various asset management companies through Roshan Digital Accounts of their respective commercial banks.
According to the circular issued by the SBP, “In order to improve the value proposition of NRP Rupee Value Account (NRVA) and facilitating the non-resident Pakistanis (NRPs), it has been decided to allow NRPs to contribute in pension funds, authorized by the Securities and Exchange Commission of Pakistan (SECP) under Voluntary Pension Funds Rules 2005 (VPS Rules), through their Authorized Dealers”.
In this regard, the SBP made amendments to foreign exchange regulations.
Accordingly, the contribution in units of the Pension Fund is authorized in terms of VPS Rules, under the management of Pension Fund Managers (PFMs) registered with SECP. The transfer of funds for the above investments shall be allowed by the banks through the special instructions received from the NRVA holder on this behalf.
For investments/contributions, the procedure prescribed for investment/ disinvestment/ redemption in Chapter 20 of the Foreign Exchange Manual shall be followed while for investment.
Issue of units of Pension Fund authorized by SECP in terms of Voluntary Pension Funds Rules 2005, under the management of Pension Fund Managers (PFMs) registered with SECP to undertake pension fund scheme business.