Roshan Pakistan Initiative Garners Positive Feedback from Pakistani Diaspora
Roshan Digital Account is a major initiative of the State Bank of Pakistan, in collaboration with commercial banks operating in the country. These accounts provide innovative banking solutions for millions of Non-Resident Pakistanis (NRPs) seeking to undertake banking, payment, and investment activities in Pakistan.
Commenting on the success of the initiative at a dinner attended by Pakistani Diaspora in Dubai, Dr Reza Baqir, Governor State Bank of Pakistan, said, "Pakistan has been receiving close to $2 million daily through these digital accounts with approximately $100 million inflow since launch. This repatriable account can be opened remotely, without physical presence, in multiple currency offerings and is at the cutting edge of technology. For the first time in Pakistan's banking history, non-resident Pakistanis will have the opportunity to invest in the stock market, real estate, and the Naya Pakistan Certificates, which offer attractive returns in US dollars and Pakistan rupees."
Ali Raza Siddiqui, Director at JS Group, lauded the State Bank of Pakistan. He noted that "The Roshan Pakistan Digital Initiative has garnered very positive feedback from the diaspora. The product facilitates expats by giving them the opportunity to invest in Pakistan." He added that ease of doing business has been greatly enhanced thanks to this successful product.
With the ability to open an account in 48 hours, the Roshan Pakistan Digital Accounts offer a fully integrated banking system with digital access to all conventional account services, and the ability to invest in government-issued certificates, the stock market, and real estate. The accounts can be opened in multiple currencies with fully repatriable funds.
Roshan Digital Account is a major initiative of the State Bank of Pakistan, in collaboration with commercial banks operating in the country. These accounts provide innovative banking solutions for millions of Non Resident Pakistanis (NRPs) seeking to undertake banking, payment and investment activities in Pakistan.
For the first time in Pakistan’s history, NRPs are being provided an opportunity to remotely open an account in Pakistan through an entirely digital and online process without any need to visit a bank branch. Opening of the account will require only a basic set of information and documents. Banks have been asked to complete all necessary customer with due diligence within 48 hours.
The Roshan Digital Account fully integrates the Pakistani diaspora with Pakistan’s banking and payment system by:
Providing digital access to all conventional account services including funds transfer, bills and fee payments, and e-commerce.
Enabling investment by Non Resident Pakistanis in Naya Pakistan Certificates (NPCs) issued by the Government of Pakistan, in both USD and PKR, at very attractive risk free rates and in both conventional and Shariah-compliant forms. On NPC, only a 10% withholding tax on profits is applicable that is full and final. No filling of tax return is required. Resident Pakistanis who have declared assets abroad with FBR can also invest in USD-denominated NPCs. To do so, they can open a Roshan Digital Account in foreign currency by visiting a bank branch in Pakistan.
The customer can choose either a foreign currency or rupee-denominated account, or both. For NRPs, these accounts would be interoperable and enable real-time online conversion from foreign currency to Pakistani Rupees and vice versa.
Funds available in the account can be remitted back from Pakistan without any approval from bank or SBP.
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