ISLAMABAD: Prime Minister Imran Khan on Thursday inaugurated ‘Pakistan Banao Certificates’ scheme to attract investment from overseas Pakistanis to help strengthen the national economy.
What is Pakistan Banao scheme?
According to official twitter handle of Imran Khan’s PTI, the Pakistan Banao Certificates is the first initiative of its kind for Overseas Pakistanis. They get a unique opportunity to safely invest their savings with higher profits rates than United States, Europe, Gulf countries while helping build Pakistan.
Overseas Pakistanis will be able to earn profits from their investment in certificates.
It is a revolutionary initiative of Pakistan government to enable the Overseas Pakistanis to buy the Certificates and their investments will not only drive Pakistan towards progress and prosperity but also they’ll be able to get profits from it.
How to subscribe:
Pakistan Banao Certificates is a sovereign US Dollar denominated retail level instrument, for Pakistanis having bank accounts overseas. The subscription process is easy and completely automated.
Digital Subscription
PBC is being offered for subscription through a specially designed Web-Portal. The investors first register themselves on the portal and give their investment and bank account details on successful registration. The certificates are issued to the investors electronically on receipt of funds in State Bank of Pakistan Account given on the portal. The investor receives confirmation of the issuance of the certificates both through email and updation of their account on the portal. The investors can view the status of their application by accessing the web-portal through their respective User ID and Password.
Eligible Investors
The holders of any one or more of following documents and having own bank account abroad, are eligible to subscribe the PBCs.
Minimum Investment Amount:
Minimum investment amount is USD 5,000 or higher in the integral multiple of US$1,000 with no maximum limit.
Profit Rate:
Profit rate on three years plan will be 6.25 percent payable bi-annually
Profit rate on five years plan will be 6.75 percent payable bi-annually
Transfer of Funds:
The investor will remit the intended investment amount from his/her own account outside Pakistan to the SBP account with National Bank of Pakistan (NBP) New York to be notified to the investors on completion of investment details on the portal.
Investors are requested to ensure that the funds reaching the SBP account with NBP New York are equivalent to their intended investment amounts net of bank charges, if any.
Type of Instrument:
PBCs is a scrip-less instrument registered in the Securities General Ledgers Account (SGLA) maintained at State Bank of Pakistan (SBP). PBCs so issued will be residing in an Investor Portfolio Security Account (IPS) of the investor, so as to keep track of investment of each individual investor.
Premature Encashment:
Premature encashment in Pak Rupees can be done anytime without levy or penalty. In case of encashment in USD within first year of issuance, a penalty of 1 percent will be levied
Key benefits