Pakistanis remit record $310 million in June RDA deposits

Dubai - $233 million in Naya Pakistan Certificates were also sent through Roshan Digital Accounts in the same period.



Reuters
Reuters
by

Muzaffar Rizvi

Published: Sun 4 Jul 2021, 8:44 AM

Last updated: Sun 4 Jul 2021, 11:15 AM

Pakistan received record foreign exchange inflows through Roshan Digital Accounts in June as overseas Pakistanis reposed trust in the programme's deposit and saving products.

According to official data released by the central bank, overseas Pakistanis remitted a record $310 million in monthly deposits and $233 million in Naya Pakistan Certificates (NPCs) through Roshan Digital Accounts in June.

"As of end-June 2021, $1,050 million has been invested in NPCs, with $621 million in conventional NPCs and $429 million in Islamic NPCs," said State Bank of Pakistan, the central bank.

Roshan Digital Accounts have attracted significant interest from overseas Pakistanis since its launch by the Prime Minister of Pakistan Imran Khan on September 10, 2020.

The latest data released by the central bank indicates that overseas Pakistanis deposited $1.562 billion in Roshan Digital Accounts so far, making it one of the successful programmes launched by the State Bank of Pakistan.

"There are 181,556 accounts from 171 countries across the globe have been opened under the RDA programme as non-resident Pakistanis showed interest in investments in Naya Pakistan Certificates and the stock market," according to the central bank.

Roshan Digital Accounts are a landmark initiative of the State Bank, which seamlessly connects the Pakistani diaspora to the country's financial system and economy. Under the programme, overseas Pakistanis may open a bank account in Pakistan without visiting any bank branches or embassies.

The account enables overseas Pakistanis to undertake all kinds of banking transactions in Pakistan, including paying school and utility bills, transferring funds and e-commerce. Car financing options are available through Roshan Apni Car and charitable donations can be made through Roshan Samaaji Khidmat.

Pakistanis in UAE largest senders of remittances through RDAs

The account provides exclusive investment opportunities in Naya Pakistan Certificates, offering attractive returns in both conventional and Sharia-compliant forms, as well as the Pakistani stock market and real estate.

The tax treatment is simple, freeing overseas Pakistanis from the need to file a tax return in Pakistan on income derived from investments through the account. The account is fully repatriable, giving overseas Pakistanis the comfort of being able to easily remit the money in their accounts back to where they live.


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