Pakistan Government is ready to raise $500-$1 billion a year from overseas Pakistanis as its planning to launch a dollar and rupee denominated certificate.
As the forex reserves of Pakistan have gone extremely low in the last three year, the government is now considering to introduce a US-dollar denominated certificate till June 2018.
Director General National Savings, Zafar Masud talked to Bloomberg and said that Pakistan is seeking bids for the appointment of financial managers for this specific transaction. It will be done by April 30th, 2018. He informed that Pakistan is one of the few countries that has not offered this certificate to the overseas citizens.
He said, “We were among the only few countries which didn’t have this product for expats. Adding that the sale will offer returns “better than what they’re getting in their home markets.”
Pakistan has suffered due to financial challenges, rupee depreciation against the dollar, experiencing a downfall in foreign exchange reserves. Furthermore, Pakistan launched its tax-amnesty scheme last week, targeting the foreign assets.
By June 2018 the residents can end the non-declared local liquid assets having 5% penalty, non-declared foreign liquid assets with 2% penalty and any non-declared fix assets whether they are in the country or abroad with 3% penalty.
Relating to overseas Pakistanis, we also shared a news recently that they might be allowed to vote, this time around in Elections 2018. National Database and Registration Authority and Election Commission of Pakistan are working together to introduce a voting system for overseas Pakistanis. The registration process and site is still in the making and we will inform our readers when they or their overseas relatives or friends will be able to register to cast a vote in the Pakistan Elections 2018.