Naya Pakistan is spreading positive vibes all across the globe with unique initiatives for the citizens of Pakistan as well as giving investment opportunities to the people living outside the motherland. Recently, “Pakistan Banao Certificates” scheme has been inaugurated by the Prime Minister Imran Khan and it is a one of its own kind project that has got a dual purpose of investment as well as returns. This article is a step-by-step guide about the Pakistan Banao Certificates and how they are beneficial for the country and the overseas investors.
What is Pakistan Banao Scheme?
Ever since the concept of Naya Pakistan has been materialized, the main focus of the new government to increase the foreign investment by involving the overseas Pakistanis to play their role by contributing for the betterment of the country. The first project was the world wide fund raising for Dams in Pakistan. Moving on further, a new idea of Pakistan Banao Certificates (PBC) has been initiated to strengthen Pakistan’s economy by allowing the 8.5 million overseas Pakistanis to invest in their motherland. Their investments will be used in different ongoing projects in the country and in return will get higher profits on their invested savings. This project will serve in many different ways:
- Investment of overseas Pakistanis
- Increase in foreign investment
- Profitable returns
- On-going projects including schools and hospitals
Process to Apply
This scheme is solely for the overseas Pakistanis with an overseas bank account. In order to be eligible for the certificates, one has to have a bank abroad as well as a CNIC, NICOP or POC. These certificates are available in the following two types:
- PBC for three years’ maturity with a 6.25 per annum profit rate
- PBC for five years’ maturity with a 6.75 per annum profit rate
All these profits will be payable twice in a year. The investment has been made easy for the overseas by registering themselves via a web portal where the investors have to subscribe digitally by giving all the necessary information and bank account details. After successfully registering at the portal, the certificates are then issued electronically on the portal after receiving the funds in State Bank of Pakistani Account from personal bank accounts held abroad. The State Bank of Pakistan has collaborated with National Bank of Pakistan (NBP) New York to notify the investors about the successful investment details on the web portal.
The minimum investment amount is 5,000 USD and it increases in the integral multiples of 1,000 USD like 6,000 USD, 7,000 USD and so on. There is no upper maximum limit for the investment. The confirmation of the issuance of the certificates is received by the investors both via E-mail and on the web portal. The overall status of the application is updated on the web-portal so that the investors can view the progress as well as keep track of the investment online by logging into their respective accounts.
An additional facility of premature encashment has also been provided to the investors and can be done anytime in Pakistani rupees without any penalty. However, encashment within the first year of Pakistan Banao Certificates will cause a penalty of one percent to the investors.
This is a win-win scheme for the country and the patriotic overseas willing to contribute to their beloved country. The funds collected via this scheme will be invested in building hospitals, universities and other power generation projects.