SBP expands Naya Pakistan Certificates access to all non-resident individuals, entities

The State Bank of Pakistan (SBP) has revised eligibility criteria for investment in Naya Pakistan Certificates, allowing a wider range of non-resident individuals and entities to participate under updated rules.

According to a circular issued by the central bank, all non-resident persons eligible to open and maintain accounts such as Foreign Currency Value Accounts, Foreign Currency Business Value Accounts, Non-Resident Pakistani Rupee Value Accounts and Non-Resident Business Rupee Value Accounts can now invest in both conventional and Sharia-compliant NPCs.

The changes follow recent amendments notified by the government to the NPC framework, aimed at expanding participation and simplifying access.

The central bank has also updated its consolidated customer onboarding framework, extending the scope of Roshan Digital Accounts to include all non-resident individuals and legal entities incorporated or registered abroad, as defined under the Income Tax Ordinance, 2001.

Under the revised framework, digital onboarding is now permitted for both residents and non-residents, including natural and juridical persons. 

Earlier, digital account opening was limited to individuals holding identification documents such as CNIC, NICOP, POC, POR or ARC.

For corporate and entity customers, banks regulated by SBP can now verify information and documents through online portals of relevant authorities, including the Securities and Exchange Commission of Pakistan. Verification may also be supported through apostilled, consularised or notarised documents, where applicable.

The SBP said the consolidated onboarding framework is designed to streamline account opening procedures, remove inconsistencies across different account types and strengthen compliance with regulatory requirements while facilitating new banking relationships.