ISLAMABAD: Addressing the launching ceremony of “Pakistan Banao Certificates” for Overseas Pakistanis at a special ceremony in Islamabad, Prime Minister Imran Khan said Pakistani passport will be respected across the globe. He said the government will reduce current account through tourism only.
Prime Minister Imran Khan said that it was easy to approach the International Monetary Fund (IMF) for a bailout package but it had tough preconditions.
He said: “The easiest way to bring relief was to go to the IMF (International Monetary Fund) like previous governments kept doing, and the other route was to go to friendly nations and ask them to lend assistance to us. That is what we did, because we needed long-term solutions.”
he said that the inflation would have increased if the government had approached the IMF.
The prime minister said that Pakistan is going through tough phase due to bad governance and corruption, adding that difficulties are to be faced to achieve something.
Imran Khan went on to say that the balance of payment crisis has not resolved yet, adding that no other government has face deficit like this.
The prime minister exhorted the overseas Pakistanis to come forward and enthusiastically purchase the certificates to make this scheme a success.
He said the government has given an attractive return on these certificates and it would not only help the Pakistani diaspora to earn reasonable profit from these certificates but also extend a helping hand towards reviving the national economic at this critical juncture.
Imran Khan said over the last five months, he has closely assessed the prevailing economic situation in the country and the worst plight of our key institutions due to bad governance and corruption by the previous rulers.
The prime minister also encouraged Overseas Pakistanis to send their remitttances through banking channels to benefit the precarious econoic situation of the country. He, however, said that Pakistan is passing through testing times, but this difficult time will soon be over.
The Prime Minister also encouraged Overseas Pakistanis to send their remittances through banking channels to benefit the precarious economic situation of the country. He, however, said that Pakistan is passing through testing times, but this difficult time will soon be over.
Highlighting salient features of PBC, Governor State Bank Tariq Bajwa said overseas Pakistanis can register themselves through an online portal.
He said minimum investment of 500 dollars can be made through these certificates. He said Overseas Pakistanis can earn a profit upto 6.75 percent on their investments by purchasing PBC in dollars.
What is Pakistan Banao Certificate
Pakistan Banao Certificates is an attractive investment opportunity for overseas Pakistanis. While honouring their patriotic spirit, the Certificates will enable overseas Pakistanis to fulfill their aspiration of contributing to the development of the country. These Certificates will also generate foreign exchange for the socioeconomic development of the country.
The Pakistan Banao Certificates are available in three and five year maturities at profit rates of 6.25 percent and 6.75 percent per annum respectively. Minimum investment size is US Dollars 5,000 with no upper limit. Overseas Pakistanis, having a CNIC, NICOP or POC, maintaining their bank accounts abroad can invest in the Pakistan Banao Certificates digitally through a dedicated secure website (www.pakistanbanaocertificates.gov.pk). The website also has complete details on the Certificates. Every investor will be issued a unique identity number and profits in US Dollars will be remitted semi-annually to the investor’s specified account maintained abroad. Further incentives include exemptions from withholding tax and compulsory deduction of zakat. Investors will also have the option to encash the Certificates prematurely in Pak Rupee without any deduction.
The launch of Pakistan Banao Certificates is a step towards welfare of overseas Pakistanis and the Prime Minister and his team are fully committed to acknowledge and support overseas Pakistanis in recognition of their unrelenting support and love for the motherland. The Certificates also reflect the commitment of the Government to ensure that development financing is diversified and made sustainable in the long term interest of the country.