{"id":70292,"date":"2020-09-10T12:33:25","date_gmt":"2020-09-10T07:33:25","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=70292"},"modified":"2020-09-10T15:54:29","modified_gmt":"2020-09-10T10:54:29","slug":"govt-announces-naya-pakistan-certificate-rules-replace-pakistan-banao-certificate-framework","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/govt-announces-naya-pakistan-certificate-rules-replace-pakistan-banao-certificate-framework.html","title":{"rendered":"Govt announces Naya Pakistan Certificate rules to replace Pakistan Banao Certificate framework"},"content":{"rendered":"\n<p>Islamabad: The government has notified the Naya Pakistan Certificate Rules to replace the Pakistan Banao Certificate (PBC) Rules 2018 and the PBC Rules 2020, a news source reported on September 10. This new set of provisions is expected to govern the issuance of the Naya Pakistan Certificates (NPCs) \u2013 to be issued in return for foreign and local currencies to non-resident Pakistanis as well as Pakistan Origin Card holders.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/govt-to-hold-roadshows-for-pakistan-banao-initiative.html\" target=\"_blank\" rel=\"noreferrer noopener\">Govt to hold roadshows for \u2018Pakistan Banao\u2019 initiative<\/a><\/p>\n\n\n\n<p>The NPCs will further replace the existing short-term Overseas Pakistanis Savings Bills and the long-term Pakistan Banao Certificates.<\/p>\n\n\n\n<p>The primary purpose of the Naya Pakistan Certificates is to attract investment from the Pakistani diaspora through a wide spectrum of investment options, in addition to boosting Pakistan\u2019s foreign exchange reserves. These certificates will offer both short-term and long-term investment options and will be made available to:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Non-resident Pakistanis having National Identity Card for Overseas Pakistanis (NICOP)<\/li><li>Foreigners with Pakistan Origin Card<\/li><li>Members of Overseas Pakistanis Foundation<\/li><li>Government employees posted abroad<\/li><li>Resident Pakistanis with declared assets abroad<\/li><\/ul>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/pm-launches-pakistan-banao-certificate-initiative.html\" target=\"_blank\" rel=\"noreferrer noopener\">Pakistan Banao Certificate launched, details shared<\/a><\/p>\n\n\n\n<p>Meanwhile, the Naya Pakistan Certificate Rules 2020 would regulate the investments in the certificates. Their salient features are listed below:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Both conventional and shariah-compliant certificates will be issued<\/li><li>These certificates will be issued for a period of 3, 6, 12, 36 or 60 months<\/li><li>The certificates will either be in USD, PKR or other currency denominations notified by the Finance Division<\/li><li>Finance Division will also decide minimum denomination and maximum investment from time to time<\/li><li>Issuance of Naya Pakistan Certificates will be scripless<\/li><li>The certificates will be issued through commercial banks selected by the Finance Division in consultation with the State Bank of Pakistan<\/li><li>The issuing bank will perform due diligence for the purchaser<\/li><li>The investment funds will be remitted from abroad in the Foreign Currency Value Account (FCVA) or Non-Resident Pakistan Rupee Value Account (NRVA)<\/li><li>Finance Division will announce rate of return and frequency of payment from time to time<\/li><li>Payments will made directly to investor\u2019s account or their legal heir, in case of death.<\/li><li>Naya Pakistan Certificate Rules designate that these certificates will be non-transferable<\/li><li>The certificates will not be automatically reinvested or rolled over on maturity<\/li><li>The certificates will be pledgeable as securities for raising financing in Pakistan<\/li><li>The Naya Pakistan Certificate Rules allow for premature encashment, however, in case of premature encashment, the rate of return will also be changed to that of the certificate with the nearest shorter tenor certificate. There will be no profit in case of encashment before 3 months.<\/li><li>The profits on NPCs will be subject to tax deductions but no compulsory zakat deductions would be made<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The government has notified the Naya Pakistan Certificate Rules to replace the Pakistan Banao Certificate (PBC) Rules 2018 and the PBC Rules 2020, a news source reported on September 10. This new set of provisions is expected to govern the issuance of the Naya Pakistan Certificates (NPCs) \u2013 to be issued in return for foreign and local currencies to non-resident Pakistanis as well as Pakistan Origin Card holders. Read: Govt to hold roadshows for \u2018Pakistan Banao\u2019 initiative The NPCs will further replace the existing short-term Overseas Pakistanis Savings Bills and the long-term Pakistan Banao Certificates. The primary purpose of the Naya Pakistan Certificates is to attract investment from the Pakistani diaspora through a wide spectrum of investment options, in addition to boosting Pakistan\u2019s foreign exchange reserves. These certificates will offer both short-term and long-term investment options and will be made available to: Non-resident Pakistanis having National Identity Card for Overseas Pakistanis (NICOP) Foreigners with Pakistan Origin Card Members of Overseas Pakistanis Foundation Government employees posted abroad Resident Pakistanis with declared assets abroad Read: Pakistan Banao Certificate launched, details shared Meanwhile, the Naya Pakistan Certificate Rules 2020 would regulate the investments in the certificates. Their salient features are listed below:&hellip;<\/p>\n","protected":false},"author":57,"featured_media":63462,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[39058,39050,39049,39055,39052],"persona":[],"class_list":{"0":"post-70292","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-govt-announces-naya-pakistan-certificate-rules-to-replace-pakistan-banao-certificate-framework","9":"tag-naya-pakistan-certificate","10":"tag-naya-pakistan-certificate-rules","11":"tag-overseas-pakistanis-savings-bills","12":"tag-pakistan-banao-certificate","13":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Naya Pakistan Certificate Rules announced to replace PBC framework - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The government has notified the Naya Pakistan Certificate Rules to replace the Pakistan Banao Certificate (PBC) Rules 2018 and the PBC Rules 2020, a news source reported on September 10.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/govt-announces-naya-pakistan-certificate-rules-replace-pakistan-banao-certificate-framework.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naya Pakistan Certificate Rules announced to replace PBC framework - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The government has notified the Naya Pakistan Certificate Rules to replace the Pakistan Banao Certificate (PBC) Rules 2018 and the PBC Rules 2020, a news source reported on September 10.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/govt-announces-naya-pakistan-certificate-rules-replace-pakistan-banao-certificate-framework.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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