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February 9, 2019

Pakistan Banao Certificates: Great opportunity for expats to earn while building Pakistan


Web Desk
Sat, Feb 09, 2019

The government is launching dollar denominated scrip-less ‘Pakistan Banao Certificate’ in order to generate funds to build the depleting foreign exchange reserves by offering expats handsome returns on their investments in the national cause.

It is the first sovereign retail instrument being offered by the Government of Pakistan that allows overseas Pakistanis to contribute in their country’s development and earn good returns.

The government is relying heavily on the Pakistani diaspora, the sixth largest in the world, to raise financing for critically important infrastructure projects including dams, road net works, power generation and transmission projects etc.

The certificates are available for 3 years and 5 years maturity with profit rates of 6.25 percent and 6.75 percent per annum respectively payable semiannually. The profits offered here are much higher than those offered in US bonds Coupon, which is 2.49% and 2.875 for 3 and 5 years respectively, and in KSA, which is 2.89% and 3.5-4.0% for investments made in bonds having maturity of 3 and 5 years respectively.

Who can invest?

The holders of any one or more of following documents and having own bank account abroad, are eligible to subscribe the PBCs.

  1. Pakistani individual having Computerized National Identity Card (CNIC).
  2. Pakistani individual having National Identity Card for Overseas Pakistanis (NICOP).
  3. Holders of Pakistan Origin Card (POC).

Minimum Investment Amount:

Minimum investment amount is USD 5,000 or higher in the integral multiple of US$1,000 with no maximum limit.

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.

Subscription process:

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.

Key benefits:

The PBCs are highly beneficial if compared to other bonds. The profit is on bi-annual basis; maturity in USD as well as PKR; PKR maturity has an added incentive of 1% on the final premium; can be en-cashed at any time; however, encashment in USD within one year of issuance entails 1 percent penalty.

The easy-to-process is an added benefit for the investors. The encashment application can also be submitted online by accessing the ‘Redemption Module’ of PBC portal.

The ‘Periodic Profit’ and redemption proceeds will be deposited to the investors’ accounts designated at the time of investment.

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