KARACHI: The depository financial institution of Pakistan on Tuesday allowed overseas Pakistanis to directly invest into the shares of companies in Pakistan and units of funds through the rupee-based Roshan Digital Accounts (RDA).
Overseas Pakistanis are allowed investment in Pakistani companies also as funds operated by a personal fund management company licensed by the Securities Exchange Commission of Pakistan.
The SBP said that it’s trying hard to involve maximum number of overseas Pakistanis into the domestic economy. The new step has been taken to supply further investment and financing opportunities to non-resident Pakistanis (NRPs), the financial institution added.
“To facilitate investment in land in Pakistan, financing facility has been allowed to RDA holders through their Pak rupee account using digital channels. additionally , inflow of funds into rupee denominated RDA has been allowed through Money Transfer Operators (MTOs),” said the SBP.
Earlier, investment through rupee denominated RDAs was allowed in registered government securities, listed securities on the stock market , mutual funds, land with self-financing and term deposits of the banks.
“The above changes won’t only provide more investment opportunities to non-resident Pakistani but also facilitate them to get property in Pakistan through bank financing,” said the SBP.
Likewise, earlier the flow of funds into RDAs was allowed only through banking channels. Now inflows from abroad into RDA are allowed through MTOs, said the SBP adding that this is able to provide another convenient and economical avenue for sending remittances, particularly to the NRPs who won’t have a checking account abroad.
“The remittances received through RDA have already crossed $2billion,” the SBP added.