Naya Pakistan Certificate Rules Announced

Naya Pakistan Certificate (NPC) rules (2020) have replaced Pakistan Banao Certificate (PBC) framework (2018). The main aim of the NPC is to boost Pakistan’s foreign exchange reserves and to attract investment from the migrated Pakistanis through extensive investment options. Moreover, short-term and long-term investment options will be offered to the Foreigners with POC (Pakistan Original Card), Pakistanis with NICOP (National Identity Card for Overseas Pakistani), Government employees in overseas, and Pakistani residents with their assets abroad.

In addition to it all, according to some of the striking features of NPC rules, shariah compliant and conventional certificates will be issued in a time period of 3,6,12,36, or 60 months. Moreover, time to time investment and minimum denomination will be decided by the Finance Division. Scripless Naya Pakistan Certificates will be issued through commercial banks as per the commands of Finance Division.

Furthermore, time to time frequency of payment and rate of return will be announced by the Finance Division. Besides, the investment funds will be remitted from overseas in NRVA (Non-Resident Pakistan Rupee Value Account) or FCVA (Foreign Currency Value Account). Additionally, in the case of death, payments will be made to the legal heir or to the investor’s account. However, these certificates are going to be non-transferable and will be used to raise financing in the country. Lastly, there will be no compulsory zakat deductions but tax deductions will be made.

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