Karachi: The State Bank of Pakistan (SBP) has introduced a foreign currency and rupee account facility for companies registered or owned by Non-Resident Pakistanis (NRPs), news sources reported on August 3. Companies with a majority share of 51% or more registered outside Pakistan will be able to get accounts in Pakistan for business facilities.
The central bank, according to sources, has launched two unique categories: Foreign Currency Business Value Account (FCBVA) and the Non-Resident Rupee Business Value Account (NRBVA). According to a circular released by the central bank on Tuesday, companies, organisations, foundations, limited liability partnerships, societies, trusts, Waqfs, and/or other similar legal entities will be able to avail this facility. However, sole proprietorships or unregistered partnerships are excluded from this arrangement. To open an account with the designated banks and authorised service providers, the applicant must be a majority stakeholder in the company and have a Pakistan Origin Card (POC) to open an account with the bank.
NRBVA holders would be able to receive remittances from overseas using banking channels. They can also transfer funds from their own foreign currency business value account with the same bank.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
