Government of Pakistan, Finance Division has issued the Gazette of Pakistan, Extra Ordinary published by Authority on 25-01-2019 in connection with Pakistan Banao Certificate Rules 2018. Detail is as under:
Detail about Pakistan Banao Certificate
Detail about Pakistan Banao Certificate is as under:
(1) Short title, application and commencement
(1) These rules shall be called the Pakistan Banao Certificates Rules, 2018.
(2) They shall apply to the Pakistan Banao Certificates.
(3) They shall come into force at once.
2. Issuance of certificates Pakistan Banao Certificate
(1) The Government of Pakistan shall through the State Bank of Pakistani issue the Pakistan Banao Certificates, hereinafter called the certificates.
(2) The certificates under sub-rule (1) shall be offered through wed based portal.
(3) Denomination and limit of Certificate
The certificates shall be issued in US Dollar five thousand and any integral multiples of US Dollars one thousand in excess thereof with no upper limit on the investment amount.
4. Type of instrument
The certificates shall be scripless and registered in the Subsidiary General Ledger Account maintained with the State Bank of Pakistan.
5. Maturity period of Pakistan Banao Certificate
The certificates shall be issued for three and five years from the date of issue.
6. Eligible inventors
The following investors shall be eligible to invest in the certificates either individually or jointly, namely:—
(a) Pakistani individuals having National Identity Card for Overseas Pakistanis (NICOP); and
(b) Pakistani individuals having National Identity Card for Overseas Pakistani (NICOP); and
(c) holders of Pakistan Origin Card (POC).
7. Source of funds
The eligible investors shall purchase certificates against the remittance, through official banking channel, from investors own account maintained abroad.
8. Rate of profit and payments Pakistan Banao Certificate
(1) The rate of profit shall be five percent per annum for three years certificates and five and half percent per annum for five years certificates.
(2) The profit payments shall be paid is US Dollar on semi-annual basis in the investor`s nominated US Dollar account maintained in country of residence or in Pakistan:
Provided that no profit shall be payable if the encashment is made before the due date of the six monthly. Whereas no profit shall be paid for holding the certificates beyond the maturity period.
(1)The premature encashment of certificates on Pak Rupee shall be allowed
(2) Premature encashment in US Dollars shall be allowed after one year. In case of premature encashment in US Dollars before lapse of one years, a deduction of one percent shall be made.
Special thanks to Mr. Liaquat Kamboh for sending the copy of the Notification of Pakistan Banao Certificate Rules 2018.