ISLAMABAD, Pakistan: Prime Minister Imran Khan on Thursday launched Naya Pakistan Certificates (NPCs) by State Bank of Pakistan to facilitate Overseas Pakistanis for opening a Foreign Currency Value Account (FCVA).
As per details provided by Senator Faisal Javed Khan, the NPC holders will get up to 7 percent return in the US dollar and 11 percent in Pakistani currency whereas Islamic Certificates (Shariah-compliant) are also being offered by the Central Bank.
The Naya Pakistan Certificates will be made available for the period of three months to five years while early encashment is allowed.
No tax filing is required for Non-Resident Pakistanis (NRP) and only 10 percent withholding tax will be charged on profits.
“Naya Pakistan Certificates are fully repatriable and no approvals required for remitting funds abroad,” the Senator told.
While addressing the launching ceremony of Naya Pakistan Certificates, the prime minister urged Overseas Pakistanis to invest in their home Country and earn good returns besides strengthening the national economy.
The prime minister asked the State Bank of Pakistan to devise a new product to attract Overseas Pakistanis to invest in the Country. He said that Overseas Pakistanis have proved their mettle in every field and they own wealth equal to the total gross domestic product (GDP) of Pakistan.
Imran Khan said that we can convince Overseas Pakistanis to invest their dollars in Pakistan by providing an enabling environment and facilitation.