ISLAMABAD: Prime Minister Imran Khan will launch Naya Pakistan Certificates (NPCs) by the State Bank of Pakistan (SBP) for overseas Pakistanis today.
The news was shared by Senator Faisal Javed. He took to Twitter and highlighted the news as ‘great’.
Yet another #GreatNews for our Overseas Pakistanis & those Pakistanis who ve declared assets abroad w/ FBR. PM Imran Khan is launching #NayaPakistanCertificates by @StateBank_Pak today iA. Upto 7% Return in USD & 11% in PKR. ISLAMIC Certificates (SHARIAH compliant) are available
— Faisal Javed Khan (@FaisalJavedKhan) November 12, 2020
Senator Faisal Javed added that NPC holders will get up to 7 percent return in the US dollar and 11 percent in Pakistani currency. On the other hand, Islamic Certificates (Shariah-compliant) are also being offered by the central bank, he further added.
The certificates will be made available for a period of three months to five years while early encashment is allowed. Faisal Javed said that no tax filing is required for Non-Resident Pakistanis (NRP).
Yet another #GreatNews for our Overseas Pakistanis & those Pakistanis who ve declared assets abroad w/ FBR. PM Imran Khan is launching #NayaPakistanCertificates by @StateBank_Pak today iA. Upto 7% Return in USD & 11% in PKR. ISLAMIC Certificates (SHARIAH compliant) are available
— Faisal Javed Khan (@FaisalJavedKhan) November 12, 2020
According to Javed, 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,’ said the senator.
The prime minister had launched the Roshan Digital Account project on 10th September. Through this, the overseas Pakistanis would be able to operate their accounts without visiting the country and could avail facilities of direct banking, bill payment, and other e-commerce facilities.
