'Pakistan Banao Certificates' formally launched
Last updated on: 01 February,2019 08:13 pm
Certificates will be paid to the nominee of the investor in Pakistan or abroad.
ISLAMABAD (Dunya News) – Finance Ministry Spokesperson Dr Khaqan Najeeb on Friday said that "Pakistan Banao Certificates" of US$5000 and above denomination have been formally launched.
In a statement in Islamabad on Friday, he said these are scruples certificates with a maturity of three or five years.
He said that overseas Pakistanis possessing CNIC, National Identity Cards for Overseas Pakistanis and Pakistan Origin Cards will be eligible for buying these instruments.
The spokesperson said that the three-year certificate will offer 6.25 percent return while the five year certificate will offer 6.75 percent profit.
He said that savings on these certificates will be available both in US dollars and Pakistani rupees.
Dr Khaqan said that profit on the certificates will be paid to the nominee of the investor in Pakistan or abroad in US dollar account. He said the certificates will be available for buying by June 30, 2019.
The spokesperson said that there will be no Withholding Tax and deduction of Zakat on "Pakistan Banao Certificates" to provide special incentives to the investors.
“It is a golden opportunity for the Overseas Pakistanis to invest in these certificates under government s full guarantee,” he said and added the certificates reflect government s determination to ensure long term development.
Dr Khaqan said the interested investors can access to detailed information about the certificates through the website www.Pakistanbanaocertificates.gov.pk.