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SBP unveils 3 new major policy steps to improve RDA and NPC

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March 9, 2021 (MLN): While addressing the ceremony to mark the $500 million milestone in Roshan Digital Account (RDA)  on Feb 18, 2021, Governor State Bank of Pakistan, Reza Baqir thanked Overseas Pakistanis and unveiled 3 new major policy steps that have been taken to improve Roshan Digital Account and Naya Pakistan Certificates (NPC).

The SBP, via its Twitter handle, informed that the tax regime around RDA has been streamlined to allow the tax paid at source on profits on investments in NPC, shares, mutual funds, and property to be full and final and thus Overseas Pakistanis will not be required to file any tax return.  

Second, with the help of some correspondent banks, the cost of transferring funds internationally to and from RDA accounts has been reduced considerably to between $5 and $9 for most transactions.

Third, in response to demand from overseas Pakistanis in Europe and the UK, the Government has now introduced NPCs in Euro and British Pound, in addition to the existing US and Rupee-denominated certificates.

In the light of these measures, Governor SBP hoped that these changes would attract even more Overseas Pakistanis to open an RDA and vowed to continue to innovate to meet their needs.

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Posted on: 2021-03-09T10:45:00+05:00

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