Resident Pakistanis Can Invest in Naya Pakistan Certificate

Resident Pakistanis having assets abroad may invest in USD denominated Naya Pakistan Certificates (NPCs) by opening a Foreign Currency Value Account (FCVA) provided they have declared their holdings in their latest wealth statement filed with the Federal Board of Revenue (FBR).

According to the State Bank of Pakistan, these resident Pakistanis should fulfill conditions at the time of opening the FCVA including presenting their latest wealth statement filed with FBR or a signed affidavit stating the value of their assets held abroad as declared in their latest wealth statement filed with FBR.

The investment must be funded by remittance from abroad; and their total investment (including the NPCs) through FCVA should not exceed the value of assets abroad declared in the wealth statement plus such accretion, as may be attributable to interest and profit thereon and/or gain on disposal thereof.

The agent banks while processing the investment requests in NPC or other permissible avenues by resident Pakistanis who have opened an FCVA with them shall ensure compliance with the conditions as stated, the SBP circular stated.

The rest of the process for investment in NPC shall be the same as prescribed earlier.

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