About Pakistan Banao Certificates.
According to sources, on the directive of the Federal Government, President National Bank of Pakistan Mr Tariq Jamali and Executive Director of the State Bank of Pakistan Mr. Saleem Ullah have finalized the PBC Portal with the support of Group Executives of NBP Mr. Nasir Hussain, EVP/GC, IBG, Mr. Shahid Saeed, SEVP/CIO, Mr. Tariq Zafar Iqbal, EVP/GH-OPG, and Mahmood Akhtar Nadeem, EVP/DH-TandCT, OPG.
The Pakistan Banao Certificates is the first initiative of its kind for Overseas Pakistanis who will have a unique opportunity to safely invest their savings with higher profits rates than United States, Europe, Gulf countries while helping the PTI government to make stronger their motherland. Pakistan Banao Certificates is a sovereign US Dollar denominated retail level instrument, for Pakistanis having bank accounts overseas. The subscription process is easy and completely automated.
PBC is being offered for subscription through a specially designed web portal. The investors first register themselves on the portal and give their investment and bank account details on successful registration. The certificates are issued to the investors electronically on receipt of funds in State Bank of Pakistan Account given on the portal. The investor receives confirmation of the issuance of the certificates both through email and updation of their account on the portal. The investors can view the status of their application by accessing the web-portal through their respective User ID and Password.
The holders of any one or more of following documents and having own bank account abroad, are eligible to subscribe the PBCs. Pakistani individual having Computerized National Identity Card (CNIC). Pakistani individual having National Identity Card for Overseas Pakistanis (NICOP).
Holders of Pakistan Origin Card (POC). Minimum investment amount is USD 5,000 or higher in the integral multiple of US$1,000 with no maximum limit. While the Profit rate on three years plan will be 6.25 percent payable bi-annually and profit rate on five years plan will be 6.75 percent payable bi-annually
The investor will remit the intended investment amount from his/her own account outside Pakistan to the SBP Account with National Bank of Pakistan (NBP) New York which will required to mentioned in the investment details on PBC portal.
PBC is a scripless instrument registered in the Securities General Ledgers Account (SGLA) maintained at State Bank of Pakistan (SBP). PBCs so issued will be residing in an Investor Portfolio Security Account (IPS) of the investor, so as to keep track of investment of each individual investor.
According to projections, Pakistan Banao Certificates may attract over $1 billion in 2019. Government of Pakistan has also issued Gazette of Pakistan on 25-01-2019 for PBC and SROs containing salient features of PBC. The investor can visit the website www.pakistanbanaocertificates.govt.pk for investment and information. For convenience of the investors, NBP has also established a Help Desk / Chat Room for resolution of the queries of the investors. Moreover, face book page of PBC has also been developed for immediate response to the investors on social media.
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|Publication:||Pakistan & Gulf Economist|
|Date:||Feb 17, 2019|
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