Finance Ministry initiates sale of Conventional Naya Pakistan Certificates

Lahore: The Ministry of Finance on Monday notified the sale of the Conventional Naya Pakistan Certificates via the agent banks, a news source reported. To this effect, it stated that ‘Roshan Digital Account’ holders in these banks would be able to subscribe to the cards.

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The statement mentioned the following agent banks:

• United Bank Limited (UBL)
• Habib Bank Limited (HBL)
• MCB
• Alfalah
• Standard Chartered
• Samba Bank

According to the details shared, the Roshan Digital Account holders in these banks could subscribe to the Conventional Naya Pakistan Certificates by visiting the website page created for this initiative by the banks concerned.

The Finance Ministry has revealed that the Shariah-compliant version of these cards would also be available soon. Sources said that that the cards offer short to long-term investments options – replacing the existing short-term Overseas Pakistanis Savings Bills (OPSBs) and the long-term Pakistan Banao Certificates (PBCs).

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According to the details revealed for the cards, this facility would be available to:

• Non-resident Pakistanis owning the National Identity Card for Overseas Pakistanis (NICOP)
• Foreigners possessing the Pakistan Origin Card (POC)
• Overseas Pakistanis Foundation members
• Officials or employees of the federal and provincial governments posted abroad
• Resident Pakistanis owning assets abroad which were duly declared in latest tax returns to the Federal Board of Revenue (FBR)