Staff Reporter
Karachi
State Bank of Pakistan has introduced a separate category of PKR Account named “NRP Rupee Value Account (NRVA)” in order to facilitate overseas Pakistani for making investments in Pakistan. Through this sort of bank account, expatriate Pakistanis as well as resident Pakistanis having assets in different countries can invest in the government bonds mainly issued in foreign currency.
Besides, the account will enable expatriate Pakistanis to invest in the stock exchange in Pakistan, residential and commercial real estate, and term/remunerative deposit products of commercial banks on a repatriable basis. The accounts can be opened and operated through digital channels with the required documentation.
Foreigners, except those who have obtained a 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. Banks will be allowed to let NRPs 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, banks may also issue cheque books if required. They 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 authorized dealer through the interbank. Moreover, in the case of dormancy, authorized dealers are to devise a mechanism that allows the account holders to reactivate their account digitally.
Credits allowed in such accounts include, remittance received from abroad through banking channels, transfer of funds from holders’ Foreign Currency Value Account (FCVA), from other NRVAs with the same authorized 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.
