Around 40% RDA funds invested in Naya Pakistan certificates: SBP

Web DeskWeb Editor

29th Jun, 2021. 05:25 pm
Pakistan reintroduces incentive

KARACHI: Of the total $1.5 billion funds deposited by overseas Pakistanis through the Roshan Digital Account (RDA), around $600 million (40 per cent) was invested in the Naya Pakistan certificate, APP quoted an official source in the central bank, as saying, on Tuesday.

This was followed by the account balances and transaction, which stood at $465 million, or 31 per cent, of the total amount, whereas 28 per cent, or $417 million, was utilised in the Islamic Naya Pakistan certificates, it added.

The State Bank of Pakistan also said $15 million, just one per cent of the total amount, was utilised in the stock market, whereas real estate attracted the lowest investment of $6 million, or 0.4 per cent, of the total $1.5 billion.

As per the monthly updates, the funds have been witnessing acceleration with every passing month, as during June (till June 25), $242 million were deposited, compared with $206 million in May 2021; $249 million in April; $212 million in March; $176 million in February; $168 million in January; $140 million in December 2020; $68 million in November 2020; $33 million in October 2020; and $9 million in September 2020.

Likewise, the Roshan Digital Accounts opened in June 2021 stood at 21,900, whereas in May, as many as 31,000 accounts were opened, compared with the opening of 14,700 accounts in April; 16,000 in March; 13,700 in February; 16,700 accounts in January; 17,000 in December 2020; 16,700 in November; 16,400 in October; and 13,700 accounts were opened in September 2020.

As many as 177,980 Roshan Digital Accounts have been opened by the overseas Pakistanis from around 171 countries of the world, depositing $1.5 billion funds so far.

The sources said it takes only 48 hours to open a Roshan Digital Account, while these accounts provide an opportunity to the overseas Pakistanis to execute various banking operations through RDA, including paying utility bills, automated teller machine (ATM) transactions, and e-commerce.

These accounts also enable them to invest in stocks, get car loans at markup rates as low as 7 per cent; invest in the Naya Pakistan certificates, buy property and even give charity.

In addition, there would be no tax on depositing the amount in RDA and the customers would not have to file returns; however, there would be 10 per cent withholding tax on profits only.

The SBP had to put in new regulations to allow this kind of presence-less on-boarding of the customers and enable overseas Pakistanis to be able to open a bank account in Pakistan, the sources added.

Adsense 300 x 250