Karachi: The caretaker Finance Minister Dr. Shamshad Akhtar has introduced the country’s first dollar-based savings certificates for overseas Pakistanis as a measure of correcting the critically low foreign currency reserves, according to a news report. To make this scheme successful, the government is ready to make all amendments to the existing laws in order to smooth out the entire process.
For this, Dr. Akhtar held meetings with the State Bank of Pakistan (SBP) and the Pakistan Stock Exchange (PSX)’s board of directors during the last week. During the meeting, it was suggested that the people declaring their assets should be allowed to pay taxes from third-party accounts which was accepted by the minister. This was done after Dr. Akhtar held extensive meetings with all relevant stakeholders.
The minister further said that the scheme would be in effect till 30th June 2018 and that all stakeholders in this case should work to maximise the assets declared under the scheme. The government has estimated that approximately USD 500 million to USD 1 billion are expected to be collected under this scheme, within next year.
The government will finalise the launch of these certificates in a day or two, and so will the Ministry of Law and legal department; pertaining to the change in laws related to these certificates.
