What is Naya Pakistan Certificate, Review, Profit, Rules in 2020 and 2021?

Naya Pakistan Certificate

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  • Naya Pakistan Certificate has been announced by PM Imran Khan for FCVA (Foreign Currency Value Account Holder) as well as NRVA (Pakistan Rupee Value account Holder)
  • The Reason behind is to invest in high interest yielding certificates.  Investor Long-Term Woodworking Fee Certificates are also available domestically.

Naya Pakistan Certificate Profit Rates

PeriodProfit Rate (USD)Profit Rate (PKR)
P.a.P.a.
3 Months5.500%9.500%
6 Months6.000%10.000%
12 Months6.500%10.500%
36 Month6.750%10.750%
60 Months7.000%11.000%

Naya Pakistan Certificate Rules

As per Government notification on Dated: 07-09-2020

Eligibility Criteria – Naya Pakistan Certificate

  1. Every non-resident Pakistani having National Identity Card for Oversea Pakistanis, Foreigners having Pakistan origin Card, members of Overseas Pakistan Foundation, and employee or official of the Federal Government or Providian Government Posted abroad who are eligible to open FCVA or VRVA as per the relevant regulations shall be eligible either individually or jointly to purchase the certificates.   
  2. The resident Pakistani having assets abroad, duly declared in latest tax return field with the federal Board of Revenue, may also invest in the certificate through their FCVA in Pakistan subject to such controls, condition and operational procedure as may be notified by SBP under these rules from time to time.

Provided that in case of a mirror, the parent or the guardian shall operate all transactions on behalf of the minor until the age of eighteen years, at which time the minors should meet the criteria.

Provided Further that in case of Certificate being purchased jointly, both joint-Holders of the certificates shall be required to meet the eligibility criteria set out as aforesaid.

Form of The Certificates – Naya Pakistan Certificate

The Certificates shall be issued in script less from or any other form or format as approved by the Division concerned from time to time in consultation with SBP.

Naya Pakistan Certificate Types of Certificates

The certificates shall be issued in conventional form and also in Shariah Complaint form as per the Shariah structure to be notified by the Division concerned under these from time to time.

Naya Pakistan Certificate Tenor

The Certificates shall be issued or Three, Six, Twelve and Thirty Six and Sixty Months or any other tenors as may be notified by the Division concerned from time to time.

Naya Pakistan Certificate Currency of Certificates

The Certificates shall be issued  in Dollars (USD) and Pakistani Currency as well or other currency.

Naya Pakistan Certificate Denomination of the Certificates

The minimum denomination of the certificate and maximum investment limit in the certificates shall be as notified by the Division concerned from time to time.

Naya Pakistan Certificate – ISSUANCE

The Certificates shall be issued through selected commercial bank hereinafter called the agent bank to be selected by the Division convened in consultation with the SBP and the SBP shall maintain the record of the issuance of these script-less certificates in its system and the agent banks also open investment portfolio securities (IPS) accounts of the investors and credit the certificates in the respective IPS accounts.

Naya Pakistan Certificate -KYC, CDD AND EDD of The Purchasers

KYC (Know you Customers), CDD and EDD of the purchased of the certificates, being the account holder of agent bank shall be the responsibility of the agents banks.

Naya Pakistan Certificate – Source of Funds

The funds for investment in the certificates must be remitted from abroad in the investor’s FCVA or NVRA as per prevailing regulation process.

Provided that the investment in the certificates may be made against the funds remitted in the FCVA and NRVA of the investors after the 30th day of June, 2020.

Naya Pakistan Certificate Rate of Return

  • The Division concerned shall notify the rate of return on the certificates and frequency of payment time to time.
  • Profit as   well as repayment of the principle amount shall be made directly to the account of the investor.

Naya Pakistan Certificate – Payment on Death of the Certificates Holder

In case the holder dies, the payment of principle amount and profit thereon, if any, shall be paid to the legal heirs of the deceased holder in accordance with a valid succession certificates or equivalent documentation issue in accordance with the law for the time being in force.

Naya Pakistan Certificate -Automatic Rollover

The certificates shall not be automatically reinvented or rolled over after maturity date.

Naya Pakistan Certificate -Premature Encashment

Premature encashment shall be allowed, Provided that rate of return on the premature encased certificates shall be equivalent to rate of return of the nearest shorter tenure certificates or any rate as notified by the division concerned . No profit will be paid in case of encashment before the tenor of 3 month.

Naya Pakistan Certificate -Tax on Profit payment

The profit on the certificates shall be subject to deduction of tax in accordance with the law for the time being in force.

Naya Pakistan Certificate Zakat Deduction at Source

The Certificates shall be exempted from compulsory deduction of zakat under section 3 of the Zakat and Ushr Ordinance, 1980.

Naya Pakistan Certificate Procedure or Process and Policies

The State Bank of Pakistan shall devise and notify the SOPs, from time to time for sale, encashment, premature encashment, profit disbursement and all other matters to carry out the purposes of these rules subject to the condition that such SOPs, shall not be inconsistent with any provision of these rules and other applicable laws for the time being force.

Naya Pakistan Certificate Repeal and Saving

  • The Pakistan Banao Certificates Rules, 2018 and Overseas Pakistani Saving Bills Rules 2020 are hereby repealed.      
  • The Certificates issued under the Rules repealed under sub-rule (1) shall continue to have effect under the repealed rules.

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