The State Bank of Pakistan (SBP) has notified the Rules for Investment in‘Naya Pakistan Certificates’ that are issued by the government to attractinvestments from overseas Pakistanis to boost foreign exchange reserves ofthe country.
SBP stated that the eligible individuals will place the order to subscribeto the certificates electronically by visiting the Naya PakistanCertificate webpage of their respective agent bank and giving investmentdetails including currency, tenor, and the amount they wish to invest. Theeight agent banks are Habib Bank Limited (HBL), United Bank Limited (UBL),Meezan Bank, Bank Alfalah, MCB Bank, Faysal Bank, Samba Bank, and StandardChartered Bank.
These certificates would be subscribed through Foreign Currency ValueAccount (FCVA) or NRP [Non-Resident Pakistani] Rupee Value Account (NRVA),being marketed as Roshan Digital Accounts (RDAs) by the agent banks, theSBP said.
The funds for investment in certificates must be remitted from abroad inthe investor’s FCVA or NRVA after June 30, 2020. The agent banks shall beresponsible for Know Your Customer (KYC), Customer Due Diligence (CDD), andEnhanced Due Diligence (EDD) of the investors.
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The denomination will be in both USD and PKR, thus, investors shall havethe option to subscribe either PKR denominated or US Dollar-denominatedcertificates of 3-Month, 6-Month, 12-Month, 3-Year, and 5-Year tenors.
The eligible investors would need to make a minimum investment of $5,000with integral multiples of $1,000 in dollar-denominated certificates, whilefor the Rupee denominated certificates, the minimum amount will be Rs.100,000 with integral multiples of Rs. 10,000.
