November 8, 2021 (MLN): Foreign Exchange inflows through Roshan Digital Account (RDA) reached $2.67 billion by the end of October 2021 since its launch.
In the month of October 2021 alone, the Overseas Pakistanis deposited $266 million into RDA.
So far, 273,411 accounts have been opened from around 175 counties across different Pakistani banks since its launch in September 2020 whereby nearly 24,688 fresh accounts were opened in October 2021 alone.
Of $2.67bn, investments in government securities like Naya Pakistan Certificates (NPCs) were recorded at $1.834 bn during fourteen months, as per key statistics on RDA released by the State Bank of Pakistan (SBP) yesterday. A small part of the $27mn investment has been observed in the stock market.
RDA, a flagship initiative of SBP, is a banking facility for Pakistani abroad, which enables them to access banking services within the country without being physically present in the country. These Non-Resident Pakistanis (NRPs) can invest in NPCs, the stock market, and real estate through RDA. It is worth noting that the funds in these accounts can be fully repatriated without the prior approval of the SBP.
Moreover, NRPs will not be required to file a tax return on their income from investments made through RDAs and will not be taxed on cash withdrawals and bank transfers.
