Government to issue US Dollar denominated scrip-less certificates

December 26, 2018 (MLN): Government has planned to issue US Dollar denominated scrip-less certificates for resident and non-resident Pakistanis having bank account outside Pakistan, stated a notification issued by SBP to all commercial banks.

The certificates will provide an attractive investment avenue to Pakistani diaspora besides enabling them to contribute in development of their country at this important juncture.

The government has promulgated Pakistan Banao Certificate Rules 2018, under which the government intends to issue US dollar dominated scrip-less certificates to investors having either a Pakistani CNIC, National Identity Card of overseas Pakistani (NICOP) or a Pakistan Origin Card (POC), making them eligible to invest, either individually or jointly.

Moreover, the certificate will be issued in two maturities i.e. 3-years and 5-years, bearing coupon rate of 5% and 5.5% respectively, payable in US dollar on semi-annual basis in the investors’ nominated US dollar account maintained overseas.

The funds for the purchase of certificates must originate from investor’s own account or joint account maintained abroad, and remitted through official channel, the notification further added.

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