State Bank notifies criteria for NPCs

KARACHI: The State Bank of Pakistan (SBP) on Tuesday notified that resident Pakistanis having assets abroad as declared in their latest wealth statement filed with the Federal Board of Revenue may invest in dollar-denominated Naya Pakistan Certificates (NPCs) by opening a Foreign Currency Value Account (FCVA), a circular said.

The resident Pakistanis, at the time of opening the FCVA, must present their latest wealth statement filed with the FBR or a signed affidavit, stating the value of their assets held abroad as declared in their latest wealth statement filed with FBR, it added.

The central bank said the investment must be funded by remittance from abroad. Moreover, their total investment, including the NPCs through FCVA would not exceed the value of assets abroad declared in the above-referred wealth statement plus such accretion, as may be attributable to interest and profit thereon and / or gain on disposal thereof, in respect of which adequate evidence is provided in the form of bank statement, profit / coupon and / or sale deed, respectively, it said.