For boosting investment to support the foreign exchange reserves of the country, the government of Pakistan would be conducting roadshows in different nations in the weeks to come.
Syed Zulfikar Bukhari—special assistant to the PM on Overseas Pakistanis said in an exclusive interview to the APP that the campaign would start from Britain and then would be taken to cover all the European and Gulf countries.
He further said that it is aimed at persuading the overseas Pakistanis to buy the Pakistan Banao Certificates (PBC) which are dollar-denominated retail devices for the expatriates providing them lucrative incentives.
He also mentioned that the overseas Pakistanis who have got foreign accounts, could encash these certificates in dollars or rupees but recovery in dollars before the first year would be leading to a charge of 1 percent.
The certificates would be exempted from withholding tax and deduction of Zakat. The special assistant to PM confirmed that it is indeed a great investment opportunity for the overseas Pakistanis.
He cited numbers and indicated that the instruments were entitled to 6.25 percent and 6.75 percent interest per year on $5,000 denomination without an upper limit, and they have got 3- and 5-year maturity period respectively.
He claimed that the opportunity is being extended all-round the globe.
He further informed that he would himself be travelling to the United Kingdom on the 6th of February to officially launch the promotional campaign. Bukhari added that he would then go to the United Arab Emirates, Qatar and other nations to describe the Pakistani diaspora regarding its advantages to them and their country.
He indicated that an awareness session of a similar drive “Return in Rupee” is also under planning.
Bukhari termed this is an economic-friendly step which is the first one of its kind. He said that it permitted individuals to make an investment as opposed to Sukuk and Euro bonds which are issued in the last 5 years.
He detailed that the earlier launched bonds needed that the customer to provide KYC documents which complicated the entire process.
He said that the applicant could buy the PBCs online just by fulfilling the conditions of NICOP and showing valid documentation.
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