Roshan Digital Account is receiving a higher positive response from overseas Pakistanis.
Roshan Digital Account has received an accumulated $1.25 Billion since it was introduced.
Overseas Pakistanis earlier used to send money to their home, to family members through different channels and mostly were nonbanking channels. These Non-banking channels were included Hawala/ Hundi methods. These are the nonbanking channels and when money is received through these channels it does not count for the overall foreign reserves of a country nor it put any impact on the current account.
The money sent through these Non-banking channels of hawala/Hundi was not even safe as there was no guarantee that the amount would safely be handed over to the receiver. Moreover, the amount abroad used to be transferred into agents’ foreign accounts located abroad, and no amount actually transferred to Pakistan. The Hawala/Hundi agents then transfer funds locally from their accounts to the receivers.
This Govt led by PTI when came into power, sensed the real issue about this and attacked the Hawal Hundi businesses, and introduced the Roshan Digital Bank account. This Roshan Digital Bank Account was introduced as a tailor-made account for overseas Nonresident Pakistanis.
The primary requirement for opening a Roshan Digital Bank account is to be an Overseas Expatriate or a resident Pakistani having declared assets with FBR abroad. The persons who fulfill any of these requirements can open Roshan Digital Account.
How to open Roshan DIgital Account
No physical appearance is required to open Roshan Digital Bank Account. Overseas Nonresident Pakistanis can open their digital bank account while they are abroad ease from their office or from their home.
The overseas Pakistanis in order to open a Roshan Digital Bank Account in any of the available banks which are given below have to visit the bank’s official website.
Then they have to provide all their personal and income-related information into given fields in Roshan Digital Bank Account on that bank website. In the end, the applicant has to upload his identity documents like SNIC/NICOP/ Passport and their Proof of income.
The bank agent then calls the applicant for an online interview and after all of this account is get regularized.
It just takes 48 hours means two days to get the Roshan Digital Bank Account regularized.
Benefits of Roshan Digital Bank Account
The overseas Pakistanis can use Roshan Digital Bank Account for online transactions including money transfers to Pakistani bank accounts or they can even transfer the amount to foreign bank accounts. They can withdraw their amount at any time.
The overseas Pakistanis through their Roshan Digital Bank Account can invest their funds into the real estate sector, stock exchange of Pakistan, can purchase mutual funds, Naya Pakistan Certificate, and pay their utility bills.
They can receive the yields of their investment into their Roshan Digital Bank Account but no other amount can be fed into Roshan Digital Bank Account from Pakistan. Only the amount can be deposited into Roshan Digital Bank Account through foreign remittances.
Until now almost 160,000 Roshan Digital Bank Accounts have been opened into the Pakistani banks linked with Roshan Digital Bank Accounts. These 160,000 bank accounts have been opened from around 170 countries of the world. Roshan Digital Bank Account deposit has reached this month up to $1.25 Billion and is increasing day by day. This shows the confidence of overseas expats, Nonresident Pakistanis, and resident Pakistanis having their declared assets abroad with the economy of the country.
Currently, there are twelve banks and initially, they were seven banks but with the passage of time, the number of banks listed with the Roshan Digital Bank Account is increasing as more and more banks are coming to join this flagship project of the Govt of Pakistan named as Roshan Digital Bank Account.
Naya Pakistan Certificate
Overseas Pakistanis/Non-Resident Pakistanis or the Resident Pakistanis having declared foreign assets with FBR can invest into the most unique product named Naya Pakistan Certificate through their Roshan Digital Bank Account. This certificate is available in Pak Rupee, US Dollar, GB Pound Sterling, and Euro. handsome profit is offered to overseas Pakistan with investment in Naya Pakistan certificate through their Roshan Digital Bank Account.
The rate of profit associated with each currency denomination of Pak Rupee, US Dollar, GB Pound Sterling, and Euro is given in the below chart for reference and to encourage overseas Pakistanis to invest in this certificate.
This Naya Pakistan certificate as shown in the above chart is available for investment only through Naya Pakistan Certificate in currencies dominated Pak Rupee, US Dollar, GB Pound Sterling, and Euro.
This certificate is available to invest for 3 Months ,6 Months ,1 year, 2 years,3 years,s and 5 years. The profit grows higher and higher as the investment time period is higher.
These profit rates given on Naya Pakistan certificates on annual basis but are credited on a bi-annual basis. But the three months maturity certificate is credited at its maturity.
Naya Pakistan Certificate is available in Islamic and conventional tiers. Every one of the twelve banks included in this program of Roshan Digital Bank Account has introduced in both versions of Islamic and conventional in this certificate.
When Overseas invest in the Islamic version of the Naya Pakistan certificate their investment is used in Islamic Sharia-compliant products.
Overseas Pakistanis have been given an opportunity to invest in Naya Pakistan certificate and earn handsome profit. This helps for the mutual benefits of the investors and the country. because due to foreign currencies inflow into Pakistan financial system, Pakistan foreign reserves are growing higher and higher and now have reached very close to $24 Billion. The increase in foreign currencies helps reduce pressure on the Pakistani currency and Pak Rupee has got strength with respect to US Dollar. Pak Rupee had reached 168 Rupe against 1 single US Dollar but now it has lower down to 154 Rupees per dollar.
Pakistan is recording higher remittances from abroad. it helps improve the current account that is now in surplus which was earlier in deficit. Overseas Pakistanis/Non-Resident Pakistanis or Expatriates are contributing to the development of Pakistan’s economy by sending their remittances at a record-breaking level to Pakistan.
Now if we look at Pakistan economy then we see much good news as Pakistan foreign reserves are growing, the current account is in surplus, the stock exchange is performing at a good pace, Pakistan exports are growing, Pakistan agriculture sector is performing well enough, large scale manufacturing is increasing due to positive policies made by the Govt of Pakistan.