Prime Minister Imran Khan, on Thursday, inaugurated the ‘Pakistan Banao Certificates’ scheme to attract the maximum foreign investment from overseas Pakistanis.
While addressing the launching ceremony, PM Khan said the idea is to involve Pakistanis living abroad in the making of Naya Pakistan. He was sure that the Pakistan Banao Certificates scheme will not only strengthen the country’s economy but will also generate profits for the overseas countrymen.
Here is how the official website’s dashboard looks.
You might have a lot of questions regarding the much-anticipated scheme for expatriates, provided you are one. You might be wondering how much you can earn through Pakistan Banao Certificates, how to invest in Pakistan Banao Certificates, eligibility criteria for Pakistan Banao Certificates, profit rates for the scheme and how it actually works.
Below are some of the most commonly asked questions and answers regarding Pakistan Banao Certificates scheme.
What Is Pakistan Banao Certificates Scheme?
According to the government’s definition, it is a sovereign US Dollar denominated retail level instrument offered by the government of Pakistan for the Non-resident Pakistanis having overseas bank accounts.
Pakistan Banao Certificates scheme is an initiative aimed to encourage overseas Pakistanis to invest their savings in the country. The certificate offers profit rates that are higher than the United State, Europe, and Gulf countries.
The initiative allows the expats to contribute to the development of their homeland while earning handsome profits and multiple rewards
Who Is Eligible for Pakistan Banao Certificates Scheme?
According to the press release, only Overseas Pakistanis holding a Computerized National Identity Card (CNIC), National Identity Card for Overseas Pakistanis (NICOP) or Pakistan Origin Card (POC), and maintaining their bank account abroad, can invest in the scheme digitally through a secure platform.
How to Register for Pakistan Banao Certificates?
Registering for the scheme is very easy and you need to follow these simple steps:
- Visit Pakistan Banao Certificates official website
- Click ‘Apply for Registration’ on the homepage
- Create your profile by filling out the details including full name, email, identity document, and gender
- Once successfully registered, you need to choose your investment type and provide bank account details.
- The funds are to be transferred from a foreign bank to the State Bank of Pakistan account in National Bank of Pakistan, New York.
- The funds reaching the SBP account must be equivalent to the intended investment after all the charges, if any.
- Once the funds are received, the users are issued electronic certificates via email as well as on the registered account. Every certificate holder will be issued a unique identity number.
- You can keep a track of your application through user account accessible via respective user ID and password
Once you are done with all the above-mentioned steps, your profit (in USD) will be remitted bi-annually to the specified account maintained abroad.
What Are the Benefits of Pakistan Banao Certificates?
The investors will be exempted from withholding tax and compulsory deduction of zakat, and will also have the option to cash the certificates prematurely in Rupees without any deduction.
However, if the investor wants to encash the bonds in USD within the first year, a penalty of 1% will be levied. Redemption module of Pakistan Banao Certificates portal can be used to submit encashment applications online.
How Much Can I Invest?
The investors can inject as low as $5000 and any integral multiples of US$ 1000 in excess, thereof, with no maximum limit.
What are the Profit Rates for Pakistan Banao Certificates?
Pakistan Banao Certificate is available in three and five-year maturities, with profit rates of 6.25 percent and 6.75 percent per annum respectively. Overseas Pakistanis can buy one or more certificates from their foreign bank accounts and can be a part of this project that aims to build ‘Naya Pakistan.’
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Are you satisfied with the government’s initiatives for overseas Pakistanis? Let us know in the comments section.