KARACHI: In order to facilitate Non-Resident Pakistanis (NRPs) with opening and operating of non-resident Pakistani rupee accounts, the State Bank of Pakistan (SBP) has introduced NRP Rupee Value Account (NRVA). Authorised dealers will be allowed to let NRPs to open joint accounts with other residents and non-residents as per banking practices and laws. Moreover, the SBP also announced a Foreign Currency Value Accounts (FCVA) which will enable NRPs that have assets abroad declared with the Federal Board of Revenue (FBR), to invest in foreign currency denominated government registered debt securities on repatriable basis. The account holders will be able to invest in permissible securities, transfer funds to account holder’s own NRP Rupee Value Account with the same authorised dealer, transfer to other foreign exchange Pakistani rupee account and non-resident rupee account with any bank in Pakistan. Cash withdrawals in foreign currency and equivalent local currency and payment in Pakistani rupee to any person resident in Pakistan are allowed.

Source: Pakistan Today August 06, 2020 17:14 UTC