The government has put forward amendments to the Naya Pakistan Certificates Rules, 2020, aimed at broadening eligibility and making operational provisions clear for investing in the certificates.
In a draft notification, the External Finance Wing of the Finance Division distributed proposed changes for public feedback under Section 28 of the Public Debt Act, 1944.
The government has invited feedback from stakeholders who may be impacted by these amendments.
The proposed modifications would introduce new definitions in Rule 2, such as “Foreign Currency Business Value Account (FCBVA)” and “Non-Resident Rupee Business Value Account (NRBVA)”, both of which are defined as accounts established in compliance with the Foreign Exchange Regulation Act, 1947.
Additionally, the draft presents a definition of “non-resident person” that encompasses all non-resident individuals and legal entities that are incorporated or registered outside the country.
The amendments would amend Rule 3 to ensure that every non-resident person is eligible to open and maintain FCVA, FCBVA, NRVA, or NRBVA accounts with authorised banks in Pakistan for the purpose of purchasing Naya Pakistan Certificates.
Eligible individuals would have the option to invest either individually or in partnership with another individual.
New amendments would include Pakistanis with assets abroad
Furthermore, resident Pakistanis who possess assets overseas and have properly declared them in their most recent tax returns submitted to the Federal Board of Revenue would also be allowed to acquire the certificates through their Foreign Currency Value Accounts in Pakistan, subject to controls and procedures that will be announced by the State Bank of Pakistan.
The proposed revisions to Rule 11 clarify that funds intended for investment in the certificates must be transferred from abroad into the investor’s FCVA, FCBVA, NRVA, or NRBVA accounts in accordance with existing regulations.
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