Daily Times

Senator Faisal Javed has said that over $100 million have been deposited in Roshan Digital Accounts as more than 44,000 accounts have been opened by overseas Pakistanis.

Faisal Javed tweeted on Thursday that overseas Pakistanis have so far opened over 44,000 Roshan Digital Accounts, besides depositing more than $100 million. He added that more than $50 million have been invested in Naya Pakistan Certificates.

The senator praised the ‘fabulous response’ to the great initiative by the State Bank of Pakistan (SBP) and the finance ministry.

Prime Minister Imran Khan had launched Naya Pakistan Certificate on November 12 which was introduced to facilitate overseas Pakistanis for opening a foreign currency value account (FCVA).

Earlier, Faisal Javed of the ruling party had said NPC holders will get up to 7 percent return in US dollar and 11 percent in Pakistani currency, whereas Islamic Certificates (Shariah-compliant) are also being offered by the central bank.

The certificates will be made available for the period of three months to five years while early encashment is allowed, said Faisal, adding that no tax filing is required for Non-Resident Pakistanis (NRP) and only 10 percent withholding tax will be charged on profits.

The Roshan Digital Account project aims at providing digital banking facilities to overseas Pakistanis for the first time in the country and was launched by the premier in September.

The State Bank of Pakistan (SBP) with the support of eight major banks in the country will lead the project under which Pakistani diaspora could be able to avail the banking facility from a digital payment system and the consumers would be able to open their bank accounts without visiting a bank, embassy or consulate.

Under the initiative, the Pakistanis living abroad 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.

These accounts could also be used for investments in the stock exchange and property within Pakistan. The consumers would also have the option to either open a Pakistan currency or foreign currency account.