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