Roshan accounts

The objective of the Roshan Digital accounts is to attract foreign exchange into Pakistan. For this, the government is offering high rates of return – seven percent – per annum on dollar, pound and euro accounts. So far, the country has received deposits worth $800 million from overseas Pakistanis. But there is an anomaly in this scheme which must be looked into, and necessary actions should be taken by the State Bank of Pakistan (SBP) to address it. The anomaly is that only non-resident overseas Pakistanis workers can benefit from this scheme.

There are thousands of Pakistanis who have returned to Pakistan after working abroad for many years. During their time abroad, they sent their hard-earned savings into their foreign currency bank accounts maintained in Pakistan. These accounts still have some balance left. Some accounts are still getting regular remittances from abroad. Why are these accounts not being allowed to benefit from this scheme? It is important to mention here that as per law, any amount lying in these accounts can be transferred abroad. The SBP should look into this matter so that Pakistanis who have savings or are still receiving regular remittances from abroad in their foreign currency accounts may benefit from this scheme.

Ejaz Ahmad Magoon (FCA)

Lahore