SBP starts releasing regular data on Roshan Digital Accounts, record inflows reported

Web DeskWeb Editor

03rd Jul, 2021. 07:53 pm
SBP starts releasing regular data on Roshan Digital Accounts, record inflows reported

KARACHI: The central bank from Saturday started releasing regular data on the progress of Roshan Digital Account (RDA) in line with its commitment to transparency in key policy measures, a statement said.

Based on individual reports of banks that participate in the Roshan Digital Account (RDA) Scheme, the data has been consolidated and made available to the public through a new webpage: https://www.sbp.org.pk/RDA/Progress.html. The webpage will be updated on a monthly basis, it added.

The market participants have requested for this periodic update. Since its launch by Prime Minister Imran Khan on September 10, 2020, Roshan Digital Account has attracted significant interest from overseas Pakistanis.

According to the new webpage, 181,556 accounts have been opened from 171 countries across the world and $1.562 billion has been deposited in these accounts by the end of June 2021.

The webpage shows monthly trends in the number of accounts opened, deposits, and investments in the Naya Pakistan Certificates (NPCs) and the stock market. It also shows an accelerating trend across all these dimensions over the last few months. June 2021 saw the highest monthly amount of deposits ($310 million) and Naya Pakistan Certificates investments ($233 million) since the launch of the Roshan Digital Account.

As of the end of June 2021, $1.050 billion has been invested in the Naya Pakistan Certificates, with $621 million in conventional Naya Pakistan Certificates and $429 million in Islamic Naya Pakistan Certificates.

The Roshan Digital Account is a landmark initiative of the State Bank of Pakistan (SBP), which seamlessly connects the Pakistani diaspora to the Pakistani financial system and economy. For the first time, it allows overseas Pakistanis to open a bank account in Pakistan in a completely digital manner without the physical presence of any bank branch or embassy.

The account enables the overseas Pakistanis to undertake all kinds of banking transactions in Pakistan, including paying school fees and utility bills for their families, funds transfer, e-commerce, car financing through the Roshan Apni Car and making charitable donations through Roshan Samaaji Khidmat.

At the same time, the account provides exclusive investment opportunities in the Naya Pakistan Certificates, offering attractive returns in both conventional and Shariah-compliant forms, as well as the Pakistani Stock Exchange and real estate.

The tax treatment is simple, freeing overseas Pakistanis from the need to file a tax return in Pakistan on the income derived from investments through the account. Importantly, the account can be completely repatriated, giving the overseas Pakistanis the comfort of being able to remit the money in their accounts back to where they live without any difficulty.

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