These rules are applicable to the Overseas Pakistani Savings Bills purchased under these rules and would come into force at once. Those Non-Resident Individual Pakistani (NRIP) having National Identity Card for Overseas Pakistanis, foreigners having Pakistan Origin Card, members of Overseas Pakistanis Foundation or an employee or official of the federal government or a provincial government officer posted abroad are eligible to purchase the bills by opening foreign currency account and the NRAR as per existing regulations.
Types of the bill would be in conventional form and also in Shariah-compliant form as per Shariah structure notified by the Finance Division from time-to-time and their tenor would be for three, six or 12 months or any other tenor as notified by the Finance Division from time-to-time and it would be issued in both Pakistani rupee and US dollar or any other currency as may be notified by the Finance Division from time to time.
The minimum denomination of the bill and maximum investment limit thereof will be as announced by the Finance Division from time to time and would be issued through select commercial banks, hereinafter called the agent banks, to be selected by Central Directorate of National Savings (CDNS) in consultation with the SBP.
The CDNS would issue or allocate inventory of scrip-less bill to agent banks for issuance to their foreign currency (FCY) or Non-Resident Rupee Account Repatriable (NRAR) account holders.
The agent banks will also open investment portfolio securities (IPS) accounts of the account holders purchasing the bill and credit the bill in the IPS accounts.
Know Your Customer (KYC), Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) of the purchasers.
The Finance Division shall notify the rate of return on the bill and frequency of payment from time to time.
Undrawn profit would not be eligible for compounding.
Profit payment shall be made directly only to the account of the investor in case the holder dies, the payment of principal amount and profit thereon, if any, will be paid to the legal heirs of the deceased holder in accordance with a valid succession certificate or equivalent documentation issued in accordance with the law for the time being in force.
Under the rules, if any bill is found to be issued in contravention of these rules, such bill shall be redeemed immediately, subject to adjustment of any benefit already paid.
In case, the profit is not claimed by the holder within six years from the date of accrual, the liability of the federal government in respect of such profit payable thereon shall terminate.
In such case, no amount on account of profit shall be paid.
The bill will not be automatically reinvested or rolled over after maturity date and will neither be pledgeable as security for raising financing.
The profit on the bill will be subject to deduction of tax in accordance with the law for the time being in force; however, it will be exempted from compulsory deduction of Zakat.
The CDNS in consultation with the Finance Division, the SBP and other stakeholders will devise SOP, from time to time, for sale, encashment, premature encashment, profit disbursement and all other matters to carry out the purposes of these rules provided that the SOP is not inconsistent with any of the provisions of these rules and other applicable laws for the time being in force.