Prime Minister Imran Khan on Thursday launched State Bank of Pakistan’s Naya Pakistan Certificates, inviting Pakistanis living abroad to invest their hard-earned money in their homeland for their own benefit as well as that of the country.
According to the scheme, Pakistanis living abroad, as well as resident Pakistanis who have declared their foreign assets to the Federal Board of Revenue (FBR), are eligible to buy the certificates.
The certificates, issued by the SBP, will give up to 7% return in US Dollars and 11% in Pakistani rupees.
Addressing a press conference, PM Imran Khan said that the SBP has offered some very good incentives to overseas Pakistanis through the certificate.
“We have to take such initiatives forward. The Naya Pakistan Certificate is important because it will convince overseas Pakistanis to bring foreign currencies to Pakistan,” he said.
The PM added that once people start bringing in their dollars to Pakistan, they will not only benefit from the scheme themselves but it would also help Pakistan stabilise its economy.
“As soon as people will start bringing foreign remittances to Pakistan, our reserves will go up and our market rates will improve,” PM Khan stressed.
He said that the PTI-led government is doing everything it can to resuscitate the economy.
“If we did not have to bear the burden of the previous government’s corrupt practices and incompetent policies, we would be far ahead. Nonetheless, by employing efforts, our economy is now moving in the right direction.”
Earlier in the day, PTI Senator Faisal Javed Khan also tweeted some details about the new scheme, adding that the certificate will have flexible tenures, starting from three months to five years, with the option of early encashment.
“For non-resident Pakistanis, no tax filing is required. Only 10% withholding tax on profits,” said the senator. He also said that the Naya Pakistan Certificates were “fully repatriable” and do not require any approvals.