Chaudhry Hameed becomes 'first investor' of Pakistan Banao Certificates: PTI

An overseas Pakistani has claimed that he is the first investor of a new scheme launched by Prime Minister Imran Khan on Thursday.

In a video message that was shared by the ruling party’s official Twitter handle, the overseas Pakistani, who identified himself as Chaudhry Hameed, said that this had been the desire of Pakistani expats over the last 22 years.

“I can say with complete confidence that overseas Pakistanis will buy the new bond in large numbers. They will shift their investment to Pakistan,” he said. “There is another incentive in expats that if they buy the bond and come to Pakistan, they can get the cash in Pakistani rupee.”

He later said that he was proud to be the first customer of Pakistan Banao Certificates program.

Prime Minister Imran Khan launched the Pakistan Banao Certificates in a ceremony held here on Thursday.

It is an attractive investment opportunity for overseas Pakistanis. While honouring their patriotic spirit, the Certificates will enable overseas Pakistanis to fulfill their aspiration of contributing to the development of the country.

These Certificates will also generate foreign exchange for the socioeconomic development of the country.

The Pakistan Banao Certificates are available in three and five year maturities at profit rates of 6.25 percent and 6.75 percent per annum respectively. Minimum investment size is US Dollars 5,000 with no upper limit. Overseas Pakistanis, having a CNIC, NICOP or POC, maintaining their bank accounts abroad can invest in the Pakistan Banao Certificates digitally through a dedicated secure website (www.pakistanbanaocertificates.gov.pk).

The website also has complete details on the Certificates. Every investor will be issued a unique identity number and profits in US Dollars will be remitted semi-annually to the investor’s specified account maintained abroad. Further incentives include exemptions from withholding tax and compulsory deduction of zakat. Investors will also have the option to encash the Certificates prematurely in Pak Rupee without any deduction.

The launch of Pakistan Banao Certificates is a step towards welfare of overseas Pakistanis and the Prime Minister and his team are fully committed to acknowledge and support overseas Pakistanis in recognition of their unrelenting support and love for the motherland.

The Certificates also reflect the commitment of the Government to ensure that development financing is diversified and made sustainable in the long term interest of the country.