Overseas Pakistanis have deposited approximately $1.6 billion through Roshan digital accounts (RDAs) in less than one year, according to the State Bank of Pakistan on Saturday. The online data released by the central bank shows that total 181,556 accounts have been opened from 171 countries across the world and 1.562 billion has been deposited in these accounts through end-June 2021.
“In line with SBP’s commitment to transparency in its key policy measures, SBP has begun releasing regular data on the progress of RDA. Based on individual reports of banks that participate in RDA, the data has been consolidated and made available to the public through a new web page: sbp.org.pk/RDA/Progress.html. This web page will be updated on a monthly basis. This periodic update was also requested by market participants,” said the SBP.
#RoshanDigitalAccount inflows surged to $310mn in June, with $233mn invested in #NayaPakistanCertificates. These are the highest ever amounts in a single month. From today, SBP will begin releasing regular data on progress of RDA on: https://t.co/bZHwNnSfSZ
— SBP (@StateBank_Pak) July 3, 2021
The RDAs were basically introduced to allow Non-Resident Pakistanis (NRPs) to partake in banking, payment and investment activities in Pakistan without being physically present in the country.
Through RDA’s, NRP’s can now have access to online banking, domestic funds transfer, payment of utility bills and tuition fees. Moreover, they can also invest in government bills, stock exchange, and real estate sector with the option of full repatriation. This new banking solution aims to encourage Pakistanis living abroad to invest in their own country and help elevate the nation’s economy.
On the investments made through Roshan Digital Accounts, account holders won’t have to file any tax returns. A full and final rate of 10% withholding tax will be charged on profits, instead, saving the account holders from a lot of hassle.
SBP has also launched Naya Pakistan Savings Certificate with the aim of boosting the country’s economy by attracting foreign investments. They are high-interest yielding sovereign investment certificates issued by the State Bank of Pakistan (SBP) for Foreign Currency Value Account holders (FCVA) and Pakistani Rupee Value Account holders (NRVA).
They offer lucrative risk-free returns for the investors over different maturities and are also presenting the NRP’s with an opportunity to play their part in the development of a progressive Pakistan. NPCs offer attractive risk-free returns over different maturities. The buyers can own the certificate in US dollar with the highest interest rate of 7pc and in Pak rupees with the highest rate of 11pc per annum provided the investment is made for 5 years. They are available in both conventional and Shariah compliant versions administered by the State Bank of Pakistan.