Everything You Need to Know About Pakistan Banao Certificates

Prime Minister Imran Khan, on Thursday, inaugurated the ‘Pakistan Banao Certificates’ scheme to attract the maximum foreign investment from overseas Pakistanis.

While addressing the launching ceremony, PM Khan said the idea is to involve Pakistanis living abroad in the making of Naya Pakistan. He was sure that the scheme will not only strengthen the country’s economy but will also generate profits for the overseas countrymen.

What Is Pakistan Banao Scheme?

According to the government’s definition, Pakistan Banao Scheme is an initiative aimed to encourage overseas Pakistanis to invest their savings in the country. The certificate offers profit rates that are higher than the United State, Europe, and Gulf countries.

Who Is Eligible?

According to the press release, only Overseas Pakistanis with a CNIC, NICOP or POC, and maintaining their bank account abroad, can invest in this scheme digitally through a dedicated secure website. The site has complete information for investors.

How Does It Work?

Investors can visit the website and purchase their certificate by paying through a foreign bank account. Every certificate holder will be issued a unique identity number. Their profit (in USD) will be remitted bi-annually to the investor’s specified account maintained abroad.

What Are Other Benefits?

The investors will be exempted from withholding tax and compulsory deduction of zakat, and will also have the option to cash the Certificates prematurely in Rupees without any deduction.

How Much Can I Invest?

The investors can inject as low as $5000 and any integral multiples of US$ 1000 in excess, thereof, with no maximum limit.

What’s the Profit Rate?

The certificate is available in three and five-year maturities, with profit rates of 6.25 percent and 6.75 percent per annum respectively. Overseas Pakistanis can buy one or more certificates from their foreign bank accounts and can be a part of this project that aims to build ‘Naya Pakistan.’