Pakistan receives $1.562bn Through RDA: SBP
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KARACHI: Pakistani banks received a record amount of $310 million through Roshan Digital Accounts (RDA) and $233 million in Naya Pakistan Certificates (NPCs) in the month of June 2021.
Since its launch by the Prime Minister of Pakistan on 10th September 2020, Roshan Digital Account has attracted significant interest from overseas Pakistanis.
According to the State Bank of Pakistan (SBP) data, 181,556 accounts have been opened from 171 countries across the world and $1.562 billion has been deposited in these accounts through end-June 2021.
The data shows an accelerating trend across all these dimensions over the last few months. June 2021 saw the highest monthly amount of deposits ($310 million) and NPC investments ($233 million) since the launch of Roshan Digital Account.
As of end-June 2021, $1050 million has been invested in NPCs, with $621 million in conventional NPCs and $429 million in Islamic NPCs.
RDA is a landmark initiative of the SBP, which seamlessly connects the Pakistani diaspora to the Pakistani financial system and economy. For the first time, it allows overseas Pakistanis to open a bank account in Pakistan in a completely digital manner, without needing to visit any bank branch or embassy.
The account enables overseas Pakistanis to undertake all kinds of banking transactions in Pakistan, including paying school and utility bills for their families, funds transfer, e-commerce, car financing through Roshan Apni Car and making charitable donations through Roshan Samaaji Khidmat.
At the same time, the account provides exclusive investment opportunities in Naya Pakistan certificates offering attractive returns in both conventional and Shariah-compliant forms, as well as the Pakistani stock market and real estate. The tax treatment is simple, freeing overseas
Pakistanis from the need to file a tax return in Pakistan on income derived from investments through the account. Importantly, the account is fully repatriable, giving overseas Pakistanis the comfort of being able to remit the money in their accounts back to where they live without any difficulty.
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