ISLAMABAD, Jan 31 (APP):With the State Bank of Pakistan as issuer, the Scrip-less Pakistan Banao Certificates (PBC) launched by Prime Minister Imran Khan on Thursday had a denomination of US Dollar 5000 with no upper limit.
Pakistani expatriates having Computerized National Identity Card (CNIC), National Identity Card for Overseas Pakistanis (NICOP) or Pakistan Origin Card (POC) were eligible for investment in the Certificates via remittances through official banking channels from an account maintained abroad.
With 6.25 percent and 6.75 percent rate of return on three and five year certificates, respectively, the profits would be paid semi-annually in investor’s nominated USD account maintained in country of residence or in Pakistan.
The premature encashment of certificates was allowed in Pak Rupee anytime, while encashment in US Dollars would be allowed after deduction as notified by the Ministry of Finance.
Redemption of certificates in USD would be made in investor’s nominated account in the country of residence or in Pakistan, while redemption in Pak Rupee would be made at prevailing exchange rate, with an additional amount equal to one percent in investor’s designated PKR account in Pakistan.
The investment in Pakistan Banao Certificates would be exempt from withholding tax and there would be no compulsory deduction of Zakat.
A special website: www.pakistanbanaocertificates.gov.pk has also been created to facilitate the investors.