• General
  • Industry
  • Government & Politics
  • Other Language
  • Press Release
  • Home
  • Submit News
  • Contact Us
  • About Us
Pakistan Newswire
Menu
  • General
  • Industry
  • Government & Politics
  • Other Language
  • Press Release
 › Industry › SBP Issues Rules of Investment for Naya Pakistan Certificates

SBP Issues Rules of Investment for Naya Pakistan Certificates

Asim September 14, 2020     No Comment     Industry

The State Bank of Pakistan (SBP) has notified the Rules for Investment in ‘Naya Pakistan Certificates’ that are issued by the government to attract investments from overseas Pakistanis to boost foreign exchange reserves of the country.

SBP stated that the eligible individuals will place the order to subscribe to the certificates electronically by visiting the Naya Pakistan Certificate webpage of their respective agent bank and giving investment details including currency, tenor, and the amount they wish to invest. The eight agent banks are Habib Bank Limited (HBL), United Bank Limited (UBL), Meezan Bank, Bank Alfalah, MCB Bank, Faysal Bank, Samba Bank, and Standard Chartered Bank.

These certificates would be subscribed through Foreign Currency Value Account (FCVA) or NRP [Non-Resident Pakistani] Rupee Value Account (NRVA), being marketed as Roshan Digital Accounts (RDAs) by the agent banks, the SBP said.

The funds for investment in certificates must be remitted from abroad in the investor’s FCVA or NRVA after June 30, 2020. The agent banks shall be responsible for Know Your Customer (KYC), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) of the investors.

The denomination will be in both USD and PKR, thus, investors shall have the option to subscribe either PKR denominated or US Dollar-denominated certificates of 3-Month, 6-Month, 12-Month, 3-Year, and 5-Year tenors.

The eligible investors would need to make a minimum investment of $5,000 with integral multiples of $1,000 in dollar-denominated certificates, while for the Rupee denominated certificates, the minimum amount will be Rs. 100,000 with integral multiples of Rs. 10,000.

The 3-Month, 6-Month, and 12-Month tenor certificates shall be single-coupon securities on which principal and profit shall be paid on maturity or on premature encashment. Whereas, 3-year and 5-year certificates shall be coupon securities, on which periodic profit payment shall be paid on a half-yearly basis.

The periodic coupon payments would be made on a six-monthly basis only for certificates of 3-year and 5-year maturities in their respective currencies.

The investors can have premature encashment of their certificates. Premature encashment proceeds would be worked out such that the rate of return accruing to that investor is equivalent to the rate of return of the nearest shorter maturity of certificates or such rate as may be notified by the finance division from time to time. No profit will be paid in case of encashment of certificates before the completion of three months.

Maturity proceeds of certificates, including the amount of final coupon (net of deduction of tax), would be credited to the dollar clearing account or rupee current account of the investor’s bank account maintained with the SBP.

On realization of maturity proceeds by the banks in their accounts with the SBP, the bank would be liable to credit the FCVA or NRVA of the respective investor on the same day, failing which the bank would be liable to make the investor good by paying compensation for the delayed period at the coupon rate as may be applicable to the respective certificates.

The agent banks shall, after debiting the investor’s account with an amount equal to the amount of his/her investment order, consolidate the orders received from FCVA or NRVA holders during a working day till 1:00 p.m. Pakistan Standard Time (PST), and shall transmit the same on the prescribed format to the SBP through SBP’s Data Acquisition Portal (DAP) by 2:30 p.m. (PST) the same day.

In case of purchase of USD denominated certificates, agent banks have two options to remit the purchase value of certificates to the State Bank of Pakistan (SBP) either through their USD Clearing Account maintained with SBP, or through a transfer of funds to the Nostro account of SBP maintained with the Federal Reserve Bank of New York, New York, USA.

Transaction charges, including but not limited to correspondent bank charges shall be on the account of the banks, and the banks shall ensure to remit to the SBP Nostro account the complete purchase amount of the Certificates.

Source: Propakistani

Industry

 Previous Post

Sale of Conventional NPCs begins through agent banks: Finance Ministry

― September 14, 2020

Next Post 

Remittances Record Above $2 Billion Inflows in August 2020

― September 14, 2020

Related Articles

Asim ― January 23, 2021 | No Comment

UNCHR starts small business support programme for refugees

The United Nations High Commissioner for Refugees has started small business support programme for the refugees. Talking to APP in

Asim ― January 23, 2021 | No Comment

Govt considering formation of Potato Development & Export Council: Razaq

Asim ― January 23, 2021 | No Comment

Firdous terms youth vital for country’s economy

Asim ― January 23, 2021 | No Comment

SNGPL decides to resume gas supply to CNG stations for 12 hours

Asim ― January 22, 2021 | No Comment

SBP Launches Complaint Resolution Portal to Promote Affordable Housing

Asim ― January 22, 2021 | No Comment

Profit Rates on National Saving Schemes Increased

Asim ― January 22, 2021 | No Comment

SBP Keeps Interest Rate Unchanged at 7%

Asim ― January 22, 2021 | No Comment

ICT Exports Will Cross $2 Billion Mark This Year: Abdul Razak Dawood

Search

Monthly Archives

Follow Us

Pages

  • Home
  • Submit News
  • Contact Us
  • About Us

Advertisement

Calendar

January 2021
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Dec    


The strategy of the team behind “Pakistan news Wire.Net” is clear and it is to publish only authentic news as that is what the true journalism demands from any media outlet, and the “Pakistan News Wire. Net”, discourages the practice of opting for illegal approaches in order to get the ratings by any means. The more media outlets opt [...]

Archives

Search

Categories

  • General
  • Industry
  • Government & Politics
  • Other Language
  • Press Release
Copyright © 2020 - Pakistan News Wire. All Rights Reserved.