Prime Minister Imran Khan on Thursday launched three-year and five-year Pakistan Banao Certificates (PBCs) for overseas Pakistanis with a minimum investment of US $500 on an annual rate of return of 6.25 percent and 6.75 percent respectively. Addressing a ceremony in this connection, the Prime Minister exhorted the overseas Pakistanis to come forward and enthusiastically purchase the certificates to make the scheme a success.
He said the government has offered 'attractive' rates of return on these certificates and it would not only help the Pakistani Diaspora earn reasonable profit from these certificates but also extend a helping hand towards reviving the national economy at this critical juncture.
The Prime Minister also encouraged overseas Pakistanis to send their remittances through banking channels to benefit the precarious economic situation of the country, adding that Pakistan is passing through testing times, but this difficult time will soon be over.
The Prime Minister said that over the last five months, he has closely assessed the prevailing economic situation of the country and the worst plight of key institutions due to bad governance and corruption by the previous rulers.
He pointed out that it was an easy way for his government to immediately approach the International Monetary Fund (IMF) but, instead, the government approached the friendly countries for addressing the balance of payment issue. He said that the balance of payment situation has improved but the crisis is not yet over, adding that it needs long-term policies to permanently address the current crisis.
He underscored the need for improving governance, adding that there is need to promote tourism which has the potential to address the deficit. "We have a lot of potential for religious and historical tourism. For the promotion of tourism, we have even introduced e-visas. With revenue through tourism we can balance our current account deficit," he said, adding that Pakistan will be the future international tourists' destination.
Prime Minister Khan said overseas Pakistanis have a higher appreciation for their home country and are at the forefront for national causes. He said that 85 percent of Pakistan's remittances are sent by overseas Pakistanis. "We are facilitating overseas Pakistanis and making this process smooth for them," he said.
He also said that Pakistan's foreign policy is based on the interests of Pakistani people, adding that Pakistan's foreign missions have also been directed to facilitate the overseas Pakistanis. The Prime Minister thanked Finance Minister Asad Umar, State Bank Governor and others involved in the Pakistan Banao Certificates scheme. "This is a scheme that will not only uplift Pakistan but also generate profits for our overseas Pakistanis," he added.
Highlighting the salient features of PBC, Governor State Bank Tariq Bajwa said overseas Pakistanis can register themselves through an online portal.
He said minimum investment of US $500 can be made through these certificates. He said Overseas Pakistanis can earn a profit up to 6.75 percent on their investments by purchasing PBC in dollars.
The Finance Ministry in a press release said that it is an attractive investment opportunity for overseas Pakistanis. While honouring their patriotic spirit, the certificates will enable overseas Pakistanis to fulfil their aspiration of contributing to the development of the country. These Certificates will also generate foreign exchange for the socioeconomic and human development of Pakistan.
Overseas Pakistanis, having CNIC, NICOP or POC, maintaining their bank accounts abroad can invest in the Pakistan Banao Certificates digitally through a dedicated secure website (www.pakistanbanaocertificates.gov.pk). The website also has complete details on the Certificates. Every investor will be issued a unique identity number and profits in US dollars will be remitted semi-annually to the investor's specified account maintained abroad. Further incentives include exemptions from withholding tax and compulsory deduction of zakat. Investors will also have the option to encash the Certificates prematurely in Pak rupee without any deduction.
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