{"id":87775,"date":"2022-08-03T16:45:46","date_gmt":"2022-08-03T11:45:46","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=87775"},"modified":"2022-08-03T16:45:51","modified_gmt":"2022-08-03T11:45:51","slug":"sbp-foreign-currency-account-by-nrps","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sbp-foreign-currency-account-by-nrps.html","title":{"rendered":"SBP introduces foreign currency account for businesses run by NRPs"},"content":{"rendered":"\n<p>Karachi: The State Bank of Pakistan (SBP) has introduced a foreign currency and rupee account facility for companies registered or owned by Non-Resident Pakistanis (NRPs), news sources reported on August 3. Companies with a majority share of 51% or more registered outside Pakistan will be able to get accounts in Pakistan for business facilities.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/amnesty-non-transferable-assets-of-nrps.html\" data-type=\"post\" data-id=\"86744\" target=\"_blank\" rel=\"noreferrer noopener\">Amnesty scheme approved for non-transferable foreign assets of NRPs<\/a><\/p>\n\n\n\n<p>The central bank, according to sources, has launched two unique categories: Foreign Currency Business Value Account (FCBVA) and the Non-Resident Rupee Business Value Account (NRBVA). According to a circular released by the central bank on Tuesday, companies, organisations, foundations, limited liability partnerships, societies, trusts, Waqfs, and\/or other similar legal entities will be able to avail this facility. However, \u00a0sole proprietorships or unregistered partnerships are excluded from this arrangement. To open an account with the designated banks and authorised service providers, the applicant must be a majority stakeholder in the company and have a <a href=\"https:\/\/www.zameen.com\/news\/psx-pakistans-sharia-trading-platform-nrps.html\" data-type=\"post\" data-id=\"87629\" target=\"_blank\" rel=\"noreferrer noopener\">Pakistan Origin Card (POC)<\/a> to open an account with the bank.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/rda-highest-single-day-usd-57-mn.html\" data-type=\"post\" data-id=\"86819\" target=\"_blank\" rel=\"noreferrer noopener\">Roshan Digital Account posts highest single-day inflow of USD 57 mn<\/a><\/p>\n\n\n\n<p>In addition to this, the account holders would have access to the following services:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Banks or authorized dealers (ADs) will facilitate NRBVA activities through electronic channels or traditional modalities in practice.<\/li><li>If the authorized account operators demand it, ADs will also provide cheque books and reactivate accounts in case of deactivation.<br><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/psx-pakistans-sharia-trading-platform-nrps.html\" data-type=\"post\" data-id=\"87629\" target=\"_blank\" rel=\"noreferrer noopener\">PSX to launch Pakistan\u2019s first sharia-compliant trading platform for NRPs<\/a><\/li><li>NRBVA holders would be able to receive remittances from overseas using banking channels. They can also transfer funds from their own foreign currency business value account with the same bank.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The State Bank of Pakistan (SBP) has introduced a foreign currency and rupee account facility for companies registered or owned by Non-Resident Pakistanis (NRPs), news sources reported on August 3. Companies with a majority share of 51% or more registered outside Pakistan will be able to get accounts in Pakistan for business facilities. Read: Amnesty scheme approved for non-transferable foreign assets of NRPs The central bank, according to sources, has launched two unique categories: Foreign Currency Business Value Account (FCBVA) and the Non-Resident Rupee Business Value Account (NRBVA). According to a circular released by the central bank on Tuesday, companies, organisations, foundations, limited liability partnerships, societies, trusts, Waqfs, and\/or other similar legal entities will be able to avail this facility. However, \u00a0sole proprietorships or unregistered partnerships are excluded from this arrangement. To open an account with the designated banks and authorised service providers, the applicant must be a majority stakeholder in the company and have a Pakistan Origin Card (POC) to open an account with the bank. Read: Roshan Digital Account posts highest single-day inflow of USD 57 mn In addition to this, the account holders would have access to the following services: Banks or authorized dealers (ADs) will&hellip;<\/p>\n","protected":false},"author":84,"featured_media":76277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[53428,48753,53429],"persona":[],"class_list":{"0":"post-87775","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-foreign-currency-account","9":"tag-non-resident-pakistanis-can-now-get-their-property-documents","10":"tag-nrps-foreign-currency-account","11":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBP introduces foreign currency account for businesses of NRPs- Zameen News<\/title>\n<meta name=\"description\" content=\"Karachi: The State Bank of Pakistan (SBP) has introduced a foreign currency and rupee account facility for companies registered or owned by Non-Resident\" \/>\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\/sbp-foreign-currency-account-by-nrps.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP introduces foreign currency account for businesses of NRPs- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Karachi: The State Bank of Pakistan (SBP) has introduced a foreign currency and rupee account facility for companies registered or owned by Non-Resident\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sbp-foreign-currency-account-by-nrps.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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