SBP introduces Non-Resident Pakistani Rupee Value Accounts

The account will enable non-resident Pakistanis to invest in stock exchange and real estate in Pakistan

KARACHI: In order to facilitate Non-Resident Pakistanis (NRPs) with opening and operating of non-resident Pakistani rupee accounts, the State Bank of Pakistan (SBP) has introduced NRP Rupee Value Account (NRVA). 

The NRVA will enable NRPs, through digital means to invest in the stock exchanges in Pakistan, residential and commercial real estate, Government of Pakistan (GoP) debt securities and term/remunerative deposit products of Authorized Dealers (ADs) on repatriable basis.

Other than NRPs, foreign nationals except those who have obtained work visa/permit to work in Pakistan, and firms or companies that are incorporated or registered outside Pakistan will be able to make use of the NRVAs.

Authorised dealers will be allowed to let NRPs to open joint accounts with other residents and non-residents as per banking practices and laws. However, these accounts will be treated as non-resident accounts.

As per regulations, the authorised dealers may also issue cheque books if required. Authorized dealers are also required to enable operations in the account through digital channels such as mobile banking, ATM or debit cards. Supplementary ATM or debit cards may also be issued as per banking practices.

However, if the debit cards are used internationally, the settlement will be the responsibility of the authorised dealer through the interbank. Moreover, in case of dormancy, authorised dealers are to devise a mechanism that allows the account holders to reactivate their account digitally.

Credits allowed in NRVAs include, remittance received from abroad through banking channels, transfer of funds from holders’ Foreign Currency Value Account (FCVA), from other NRVAs with the same authorised dealer and proceeds from disinvestment, sale or maturity of assets in Pakistan.

Account holders will be allowed to withdraw or make payments in Pakistani rupee to any person in Pakistan, however any amount paid will not be allowed to be credited back into the account.

In addition, remittances and payments outside Pakistan are to be limited to the extent of balance available in the account. The account holder will not need prior approval from the bank or the SBP, except in the case of investment in real estate.

As per the SBP, the minimum investment period in real estate will be three years. Following the completion of three years, investors will be able to repatriate the full amount of sale proceeds of the investment in property.

However, if an investor wishes to disinvest before three years, they can repatriate funds up to the lower of the amount of sale proceeds, or the principal investment amount in Pakistani rupee on the date of investment. The differential amount and profit or return earned, however, can be repatriated after the culmination of three years from the date of investment. The differential can also be invested in other eligible securities from NRVA.

Moreover, the SBP also announced a Foreign Currency Value Accounts (FCVA) which will enable NRPs that have assets abroad declared with the Federal Board of Revenue (FBR), to invest in foreign currency denominated government registered debt securities on repatriable basis.

Authorised dealers have to clearly indicate whether the account holder is a resident or non-resident and will have to provide a declaration of his or her assets held abroad. This declaration is to include the latest wealth tax statement filed with the FBR.

Authorised dealers are also expected to provide real time convertibility from foreign currency to Pakistani rupee based on the request made by the account holder digitally for the eligible debits from the account. Moreover, authorised dealers are also expected to indicate the exchange rate that is applicable for the transaction.

The account holders will be able to invest in permissible securities, transfer funds to account holder’s own NRP Rupee Value Account with the same authorised dealer, transfer to other foreign exchange Pakistani rupee account and non-resident rupee account with any bank in Pakistan.

Moreover, they will be allowed to remit and pay outside Pakistan to the extent of their balances available in the account without any prior approval from the bank or SBP. Cash withdrawals in foreign currency and equivalent local currency and payment in Pakistani rupee to any person resident in Pakistan are allowed. However, the amount is not to be credited back into the account.



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  1. The non resident would lose out on exchange difference when the amount is repatriated. SBP has no incentive for overseas Pakistanis.

    • Agreed. Many are still suffering from losses incurred on legitimate foriegn currency accounts frozen by Nawaz Sharif and the game playing that followed.

  2. SBP should keep eyes on banks ATM and other stuff which is F……d by mr aziz .to charge 600 hunder rupys if with drw more than 50 thousend.and ATM are empty vos banks dont want it refill with mony .so we dont have to withdrew from bank.

  3. SBP couldn’t protect NRPs Foreign Currency Accounts when Nawaz Sharif and his allies withdrawn their own dollars and converted all NRPs accounts into Pak Rs, So what’s the guarantee now NRPs money would be saved…..

      • This is nothing, no benifit clear for overseas. This is way only to keep an eye on foreign remitence so the FBR can easily approach that person.
        Govt now taking different steps to cover the data access to activate the FBR authority to catch persons for TAXs. Because still FBR has no proper mechanism to follow persona for TAX, so govt is helping FBR to provide him data from different platforms, i.e Filer, NRP, oversear, Remitence account, jama punji account… all that.

  4. This remains to be seen that what will be the benefit of this account to NRPs. However two things which are important (1) we should be able to add donations accounts, I.e. Shaukat Khanam Hospital, Edhi Foundation and other charitable organisations to our overseas bank account; and (2) IK government talks a lot about overseas Pakistani but no benefit is given to them; I suggest that atleast withholding tax should be waived on any account which receives $1000 or more every month.

  5. Withholding tax should be waived from NRPs while paying or withdrawing Pakistani rupees in Pakistan as they are doing right now. SBP should consider the existing accounts of NRPs in Pakistan from withholding tax for all transfer of funds from overseas into their accounts while doing payments in Pakistan and transferring funds into Pakistan within Pakistan.

    • Withholding tax on NRPs banks accounts for withdrawal and transfer of funds locally should be waived

  6. At least some steps were taken to ease life for the overseas. Pakistan is a no go country, it is unfortunately the most corrupt country in the world. Its industry is in totally bottomed. If the government serious about Pakistan well being, let the overseas Pakistan set up Industries with minimal tax and provide them total safety and security and punish those who intend to harm them. The land must be free and machines come without any tax and we will make Pakistan a country that compete in the world on quality. And we become a hub of job and ideas generations.

  7. Pakistan education system is not to produce a working class. Pakistan universities do not produce problem solvers. Pakistan produce people based on their inheritance. There is no merit, neither at ISSB not at CSS. Politicians are most uneducated and corrupt and award contracts to their love ones. We are a hypocritical people. In order to overcome and provide a hope to the youth, education, merit, equal access to resources, and motivation to do hard work. Let talent to come back, provide them a safety, house, land and tax free investment. Then, give them task to generate jobs and export. Fanatic mind set took every thing we had it.

  8. It seems a new trap from IK Govt as until now they are failed to present any revenue generating project for Pak instead the are begging form other countries in the name of help or just steeling peoples money, totally incompetent Govt.

  9. Very good effort by SBP. At least SBP started from somewhere for non-residents. This will help local stock market as well and document the real estate market in Pakistan.

    Foreign currency account facility should be extended in other global currencies instead of USD only. Such accounts should have sovereign guarantee until a certain amount in order improve the confidence of people. e.g.EU guarantee bank account balance until 100,000 euro under sovereign guarantee
    I recommend SBP to allow local banks to develop some foreign currency deposit products and invite foreign third county nationals as well. West is printing money like hell and international banks offering negative or zero rates on term deposits. this is our opportunity to attract the public with help of digital world.

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