-
Contact the PP Team
Roshan Digital Account for overseas Pakistanis
- Thread starter owais1
- Start date
But can Pakistanis withdraw money when they are foreigners?
Last edited by a moderator:
Yes you can. Some banks provide a debit card (from which you can withdraw using atm) in addition you can also make bank to transfer within Pakistan.
The primary purpose is to ensure that foreign remittances are made through the formal banking system.
offstump
First Class Player
- Joined
- Feb 8, 2005
- Runs
- 2,731
All the banks offering this have detailed FAQ’s on their website just go there and read up on the account features.
Goggy
Debutant
- Joined
- Jan 30, 2005
- Runs
- 156
It took me just over 4 weeks from filling out the online application to having confirmation from Standard Chartered Pakistan. I'm not convinced the process is as smooth and fast as they make out on banks FAQs. In fact, at one point I was messaged on Whatsapp from one of the bank's reps. to send additional information on top of the passport copies, NICOP, birth certificate etc. already sent. So the process was a tad unprofessional, at least in the case of Standard Bank Pakistan.
I was sent a Debit card a week later ready for use. One thing they fail to mention is you can only transfer funds to the digital roshan account from 1 designated UK bank account which you specify on in the application.
Thanks! But is it possible to deposit money as well when you are in Pakistan? I am sure my Dutch bank will find it quite interesting if they see me sending money to Pakistan.
I just found out that depositing money in Pakistan is not possible, hope that the Pakistani bank won't share the balance data with the dutch tax service..
- Joined
- Oct 2, 2004
- Runs
- 217,977
<blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Alhamdulillah, funds received through <a href="https://twitter.com/hashtag/RoshanDigitalAccount?src=hash&ref_src=twsrc%5Etfw">#RoshanDigitalAccount</a> have crossed $1bn. I would like to thank our overseas Pakistanis for their overwhelming response; also appreciate the efforts of SBP & banks for achieving this significant milestone in such a short period. <a href="https://twitter.com/hashtag/1billionRDA?src=hash&ref_src=twsrc%5Etfw">#1billionRDA</a> <a href="https://t.co/YNksGLXzpM">pic.twitter.com/YNksGLXzpM</a></p>— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1385842128765468674?ref_src=twsrc%5Etfw">April 24, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
- Joined
- Oct 2, 2004
- Runs
- 217,977
Pakistanis living abroad will be able to buy cars for relatives back home and make charitable donations under new digital schemes designed to tap the spending power of expatriates, Imran Khan's government said.
The prime minister said the country's diaspora, which includes about 1.6 million Pakistanis living in the UAE, was a key asset for the country and ministers were looking at innovative ways to harness their wealth.
Under two new schemes, overseas Pakistanis will be able to use newly introduced digital accounts to get financing to buy cars in Pakistan and will be able to donate to charities and the government's flagship social safety net scheme.
"Overseas Pakistanis have, over the years, kept our economy afloat," Mr Khan said after inaugurating the new scheme in the capital Islamabad on Thursday.
“We will innovate and brainstorm to tap overseas Pakistani's remittances,” the former cricketer said.
Mr Khan's ruling Pakistan Tehreeik-e-Insaf (PTI) party last year launched digital bank accounts in an attempt to plug overseas Pakistanis into the nation's banking sector.
Bank officials at the time said they hoped the launch of the Roshan digital account would cut bureaucracy for expats and boost remittance flows into a country perennially short of foreign capital.
Account holders will be able to invest in the stock market, buy government debt and conduct basic banking services, officials said.
Since the launch, about 120,000 accounts were opened from 170 countries and received more than $1 billion in deposits, the government announced.
Faisal Javed Khan, a PTI senator, called the initiative a milestone.
The scheme, he said, was "a testament to faith that non-resident Pakistanis have in Pakistan and the Prime Minister Imran Khan-led government”.
Under the car-financing scheme, account holders will be able to get vehicles “at very attractive terms" for loved ones in Pakistan.
Pakistan's government accused of caving to extremists over anti-France protests
Pakistani lawyers challenge waiters in uniform spat
“Banks are offering conventional and Islamic modes of financing at attractive mark-up rates starting from 7 per cent, with priority delivery,” the senator said.
Another scheme will streamline donations to charities and allow account holders to pay into Pakistan's Ehsaas welfare programme, which provides cash handouts to the poorest.
Mr Khan, who for years during his cricketing career was himself Pakistan's most high-profile expatriate worker, has often tried to woo the diaspora.
Pakistan's central bank this month announced that monthly remittances exceeded $2 billion for the past 10 months and hit a record $2.7bn in March.
Remittances helped to keep many families afloat while the country is being battered by the economic fallout of the Covid-19 pandemic.
Workers in Saudi Arabia send home the most, followed by those in the UAE, UK and US, bank figures show.
Yet expat workers often complain they are neglected or badly treated by the country's overseas missions.
“Overseas Pakistanis are our asset,” the prime minister said. “Our embassies, sadly, do not appreciate them that way.
“They are very special people for us. They live far from families and work hard day and night. My message to our embassies is to take care of them, of this overseas labour class."
He said he would launch an inquiry into complaints that officials at the embassy in Saudi Arabia had been demanding bribes from workers.
“I am launching a high-power inquiry into the complaints about the Saudi mission and we will give exemplary punishments and we will take strict action,” he said.
https://www.thenationalnews.com/wor...th-car-buying-charity-giving-scheme-1.1213583
The prime minister said the country's diaspora, which includes about 1.6 million Pakistanis living in the UAE, was a key asset for the country and ministers were looking at innovative ways to harness their wealth.
Under two new schemes, overseas Pakistanis will be able to use newly introduced digital accounts to get financing to buy cars in Pakistan and will be able to donate to charities and the government's flagship social safety net scheme.
"Overseas Pakistanis have, over the years, kept our economy afloat," Mr Khan said after inaugurating the new scheme in the capital Islamabad on Thursday.
“We will innovate and brainstorm to tap overseas Pakistani's remittances,” the former cricketer said.
Mr Khan's ruling Pakistan Tehreeik-e-Insaf (PTI) party last year launched digital bank accounts in an attempt to plug overseas Pakistanis into the nation's banking sector.
Bank officials at the time said they hoped the launch of the Roshan digital account would cut bureaucracy for expats and boost remittance flows into a country perennially short of foreign capital.
Account holders will be able to invest in the stock market, buy government debt and conduct basic banking services, officials said.
Since the launch, about 120,000 accounts were opened from 170 countries and received more than $1 billion in deposits, the government announced.
Faisal Javed Khan, a PTI senator, called the initiative a milestone.
The scheme, he said, was "a testament to faith that non-resident Pakistanis have in Pakistan and the Prime Minister Imran Khan-led government”.
Under the car-financing scheme, account holders will be able to get vehicles “at very attractive terms" for loved ones in Pakistan.
Pakistan's government accused of caving to extremists over anti-France protests
Pakistani lawyers challenge waiters in uniform spat
“Banks are offering conventional and Islamic modes of financing at attractive mark-up rates starting from 7 per cent, with priority delivery,” the senator said.
Another scheme will streamline donations to charities and allow account holders to pay into Pakistan's Ehsaas welfare programme, which provides cash handouts to the poorest.
Mr Khan, who for years during his cricketing career was himself Pakistan's most high-profile expatriate worker, has often tried to woo the diaspora.
Pakistan's central bank this month announced that monthly remittances exceeded $2 billion for the past 10 months and hit a record $2.7bn in March.
Remittances helped to keep many families afloat while the country is being battered by the economic fallout of the Covid-19 pandemic.
Workers in Saudi Arabia send home the most, followed by those in the UAE, UK and US, bank figures show.
Yet expat workers often complain they are neglected or badly treated by the country's overseas missions.
“Overseas Pakistanis are our asset,” the prime minister said. “Our embassies, sadly, do not appreciate them that way.
“They are very special people for us. They live far from families and work hard day and night. My message to our embassies is to take care of them, of this overseas labour class."
He said he would launch an inquiry into complaints that officials at the embassy in Saudi Arabia had been demanding bribes from workers.
“I am launching a high-power inquiry into the complaints about the Saudi mission and we will give exemplary punishments and we will take strict action,” he said.
https://www.thenationalnews.com/wor...th-car-buying-charity-giving-scheme-1.1213583
- Joined
- Oct 2, 2004
- Runs
- 217,977
<blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Good news from SBP. <a href="https://twitter.com/hashtag/RoshanDigitalAccount?src=hash&ref_src=twsrc%5Etfw">#RoshanDigitalAccount</a> achieves more milestones. Inflows crossed $1.5 bn on Friday, with investment in Naya Pakistan Certificates surpassing $1 bn. Accounts & deposits have set new records since the $1 bn event 2 months ago. <a href="https://t.co/sEe2wiOYrG">https://t.co/sEe2wiOYrG</a> <a href="https://t.co/hAIx2Rko4Z">pic.twitter.com/hAIx2Rko4Z</a></p>— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1409003686676910080?ref_src=twsrc%5Etfw">June 27, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Itachi
Test Debutant
- Joined
- Jun 14, 2011
- Runs
- 16,430
as the article states, "Islamic modes of financing...."
is investing in stock market....
Islamic modes of investment?
is investing in stock market....
Islamic modes of investment?
OMB
First Class Captain
- Joined
- Dec 27, 2010
- Runs
- 4,288
It is a concept which initially confused me too, now I have a rough understanding that is called profit by trading which is different than profit by speculation or betting (though it is all the same).
You can deposit money from abroad but if you wanted to deposit money within Pakistan then you cannot do that with this account. This bit is really lost on me.
If I make an investment in Pakistan and I get a return on my investment, I cannot deposit that into this account. Overseas Pakistanis can send money to Pakistan but cannot take money away from Pakistan with this account.
If I make an investment in Pakistan and I get a return on my investment, I cannot deposit that into this account. Overseas Pakistanis can send money to Pakistan but cannot take money away from Pakistan with this account.
Itachi
Test Debutant
- Joined
- Jun 14, 2011
- Runs
- 16,430
Its a gateway to track money coming from overseas i suppose. It gives a rough indication about how much money coming abroad via non resident Pakistanis mostly.
ElRaja
ODI Debutant
- Joined
- Oct 7, 2010
- Runs
- 10,367
the whole point of the account is to attract foreign money, because because needs a constant source of foreign funding to balance its import and budget deficits. you investing money u have made within Pakistan into this account does not increase pakistans foreign exchange reserves.
its an alternative to borrowing from external banks, government and agencies. people can take their money out of the accounts and repatriate it, but the profits from the investments have a certain time frame within which you cannot withdraw the money.
yes, stock market investing is halal as it shares the risk reward and is basically buying a share in a business venture.
caveat, it is assumed that the business you are investing in does not partake in haram activities, thus it is arguable that given interest based financing that stock market investing is haram.
- Joined
- Oct 2, 2004
- Runs
- 217,977
KARACHI: The inflow through Roshan Digital Account reached $1.87 billion at the end of July, with the first month of the current fiscal year witnessing the second highest inflow since the RDA was launched in September last year.
Data released by the State Bank of Pakistan (SBP) on Thursday shows that the country received $307 million in July compared to $310m in June, reflecting a trend with inflow of over $300m per month.
The RDA was introduced by the SBP in September 2020 for non-resident Pakistanis to enable them to remotely open bank accounts in Pakistan through online digital portals without physically visiting branches.
The inflow through RDA was just $7m in September 2020. However, it started increasing and reached $1.87bn by the end of July.
July witnesses second highest inflow since the initiative launched in September
SBP Governor Dr Reza Baqir said last month that since September 2020, the RDA initiative for overseas Pakistanis had generated new financial inflows of $1.8bn which helped boost the country’s foreign exchange reserves.
The increased foreign exchange reserves, which stood at $17.85bn by the end of July, improved the country’s image in the international market. In July, Pakistan raised an additional $1bn through a tap issuance of its Eurobond that fetched $2.5bn in March.
The State Bank said that Pakistan’s external position was at its strongest in several years. In line with SBP projections in March, current account deficit fell to only 0.6 per cent of GDP. The SBP governor said this was the lowest current account deficit in 10 years, supported by all-time high exports and remittances.
He also said that unlike several previous growth upturns in Pakistan, the current economic recovery would be accompanied by external stability.
Despite higher inflows like record remittances, improved exports and inflow through RDA, the local currency depreciated by seven per cent against the US dollar over the past two months.
However, the State Bank governor recently said that Pakistan’s reserve buffers are expected to rise by another $2.8bn in August through the IMF’s planned new global SDR allocation.
He also said that current account deficit for the current fiscal year (FY22) could be in the range of 2-3pc, much higher than 0.6pc of GDP in FY21. This forecast badly hit the exchange rate and importers rushed to book maximum dollars fearing more appreciation of the US currency against the rupee.
The SBP said that up to 3pc current account deficit in FY22 would be better than that of 4pc and 6pc in FY17 and FY18, respectively. Pakistan needs up to $20bn for external payments in FY22 which is the reason for higher current account deficit.
The number of RDAs opened by overseas Pakistanis reached 199,747 by the end of July this year.
Published in Dawn, August 6th, 2021
Data released by the State Bank of Pakistan (SBP) on Thursday shows that the country received $307 million in July compared to $310m in June, reflecting a trend with inflow of over $300m per month.
The RDA was introduced by the SBP in September 2020 for non-resident Pakistanis to enable them to remotely open bank accounts in Pakistan through online digital portals without physically visiting branches.
The inflow through RDA was just $7m in September 2020. However, it started increasing and reached $1.87bn by the end of July.
July witnesses second highest inflow since the initiative launched in September
SBP Governor Dr Reza Baqir said last month that since September 2020, the RDA initiative for overseas Pakistanis had generated new financial inflows of $1.8bn which helped boost the country’s foreign exchange reserves.
The increased foreign exchange reserves, which stood at $17.85bn by the end of July, improved the country’s image in the international market. In July, Pakistan raised an additional $1bn through a tap issuance of its Eurobond that fetched $2.5bn in March.
The State Bank said that Pakistan’s external position was at its strongest in several years. In line with SBP projections in March, current account deficit fell to only 0.6 per cent of GDP. The SBP governor said this was the lowest current account deficit in 10 years, supported by all-time high exports and remittances.
He also said that unlike several previous growth upturns in Pakistan, the current economic recovery would be accompanied by external stability.
Despite higher inflows like record remittances, improved exports and inflow through RDA, the local currency depreciated by seven per cent against the US dollar over the past two months.
However, the State Bank governor recently said that Pakistan’s reserve buffers are expected to rise by another $2.8bn in August through the IMF’s planned new global SDR allocation.
He also said that current account deficit for the current fiscal year (FY22) could be in the range of 2-3pc, much higher than 0.6pc of GDP in FY21. This forecast badly hit the exchange rate and importers rushed to book maximum dollars fearing more appreciation of the US currency against the rupee.
The SBP said that up to 3pc current account deficit in FY22 would be better than that of 4pc and 6pc in FY17 and FY18, respectively. Pakistan needs up to $20bn for external payments in FY22 which is the reason for higher current account deficit.
The number of RDAs opened by overseas Pakistanis reached 199,747 by the end of July this year.
Published in Dawn, August 6th, 2021
- Joined
- Oct 2, 2004
- Runs
- 217,977
Pakistan’s Roshan Digitial Account's (RDA) inflows stands at $2.9 billion as of November 2021, 15 months since the programme's introduction, shared the State Bank of Pakistan (SBP) on Thursday.
As per the SBP, an inflow to the tune of $239 million was recorded in November alone, as compared to an inflow of $266 million recorded in October, a month-on-month decline of over 10.15%.
Out of the overall $2.916 billion deposited in RDAs, $1.991 billion or almost 68.3% have been invested in Naya Pakistan Certificates (NPCs), the data shows. Out of the total amount invested in NPCs, $1.123 billion have been invested in conventional NPCs, whereas $868 million have been invested in Islamic NPCs.
Meanwhile, $29 million have made its way into the stock exchange through RDAs.
The central bank data also says 299,676 accounts have been opened so far from across 175 countries during the 15-month period. On a monthly basis, the number of accounts opened increased by 9.6%.
Launched last year in September, the RDA is an initiative of the SBP for Non-Resident Pakistanis (NRP), formed in collaboration with commercial banks operating in Pakistan.
It allows NRPs to open an account without requiring physical presence either in Pakistan or in any embassy or consulate. It has also facilitated NRPs in conducting banking, payment, and investment activities in the country.
Funds in these accounts can be fully repatriated without any prior approval from the SBP.
Overseas Pakistanis have been a key priority for the Pakistan Tehreek-e-Insaf (PTI) government, which has taken a number of measures to attract foreign currency for the cash-strapped economy that remains dependent on remittance inflows.
Last month, the government launched the Sohni Dharti Remittance Programme (SDRP), which will award points to overseas Pakistanis for sending remittances through the legal channels.
As per the SBP, an inflow to the tune of $239 million was recorded in November alone, as compared to an inflow of $266 million recorded in October, a month-on-month decline of over 10.15%.
Out of the overall $2.916 billion deposited in RDAs, $1.991 billion or almost 68.3% have been invested in Naya Pakistan Certificates (NPCs), the data shows. Out of the total amount invested in NPCs, $1.123 billion have been invested in conventional NPCs, whereas $868 million have been invested in Islamic NPCs.
Meanwhile, $29 million have made its way into the stock exchange through RDAs.
The central bank data also says 299,676 accounts have been opened so far from across 175 countries during the 15-month period. On a monthly basis, the number of accounts opened increased by 9.6%.
Launched last year in September, the RDA is an initiative of the SBP for Non-Resident Pakistanis (NRP), formed in collaboration with commercial banks operating in Pakistan.
It allows NRPs to open an account without requiring physical presence either in Pakistan or in any embassy or consulate. It has also facilitated NRPs in conducting banking, payment, and investment activities in the country.
Funds in these accounts can be fully repatriated without any prior approval from the SBP.
Overseas Pakistanis have been a key priority for the Pakistan Tehreek-e-Insaf (PTI) government, which has taken a number of measures to attract foreign currency for the cash-strapped economy that remains dependent on remittance inflows.
Last month, the government launched the Sohni Dharti Remittance Programme (SDRP), which will award points to overseas Pakistanis for sending remittances through the legal channels.
- Joined
- Oct 2, 2004
- Runs
- 217,977
Cumulative inflow under the Roshan Digital Account (RDA) reached $3.16 billion at the end of 2021, 16 months since launch of the programme, stated the State Bank of Pakistan (SBP) on Wednesday.
As per central bank data, an inflow of $244 million was recorded in December, compared to $239 million in November, a month-on-month increase of 2.1%.
Out of the $3.16 billion deposited in RDAs so far, over 68% i.e. $2,149 million, have been invested in Naya Pakistan Certificates (NPCs), revealed the data. Out of the total amount invested in NPCs, $1.192 billion have been invested in conventional NPCs, whereas $957 million have been invested in Islamic NPCs. Meanwhile, $32 million were deposited into the stock exchange via the RDA.
The central bank data showed 322,463 accounts have been opened from 175 countries during the 16-month period. On a monthly basis, the number of accounts opened increased by 7.6%.
Launched in September 2020, the RDA is an initiative of the SBP for Non-Resident Pakistanis (NRP), formed in collaboration with commercial banks operating in Pakistan.
The programme allows NRPs to open an account without requiring physical presence either in Pakistan or in any embassy or consulate. It has also facilitated NRPs in conducting banking, payment, and investment activities in the country.
The initiative provides a number of investment options to NRPs in the shape of Naya Pakistan Certificates, the stock market, and real estate. Funds in these accounts can be fully repatriated without any prior approval from the SBP.
Overseas Pakistanis have been a key priority for the incumbent government, which has taken a number of measures in order to attract foreign currency for the cash-strapped economy, which remains dependent on remittance inflows.
The government is also set to launch the 'National Remittance Loyalty Program' (NRLP), aimed at offering monetary and other benefits to lure overseas Pakistanis to use official channels. The NRLP will offer incentives/rewards for sending remittances to Pakistan based on the point's accumulation structure.
Prime Minister Imran Khan has repeatedly termed overseas Pakistanis as the “biggest asset” of the country and stated that the country would not need the International Monetary Fund (IMF) programme in future if it is able to tap their full potential.
https://www.brecorder.com/news/40144915/roshan-digital-account-cumulative-inflows-reach-316bn
As per central bank data, an inflow of $244 million was recorded in December, compared to $239 million in November, a month-on-month increase of 2.1%.
Out of the $3.16 billion deposited in RDAs so far, over 68% i.e. $2,149 million, have been invested in Naya Pakistan Certificates (NPCs), revealed the data. Out of the total amount invested in NPCs, $1.192 billion have been invested in conventional NPCs, whereas $957 million have been invested in Islamic NPCs. Meanwhile, $32 million were deposited into the stock exchange via the RDA.
The central bank data showed 322,463 accounts have been opened from 175 countries during the 16-month period. On a monthly basis, the number of accounts opened increased by 7.6%.
Launched in September 2020, the RDA is an initiative of the SBP for Non-Resident Pakistanis (NRP), formed in collaboration with commercial banks operating in Pakistan.
The programme allows NRPs to open an account without requiring physical presence either in Pakistan or in any embassy or consulate. It has also facilitated NRPs in conducting banking, payment, and investment activities in the country.
The initiative provides a number of investment options to NRPs in the shape of Naya Pakistan Certificates, the stock market, and real estate. Funds in these accounts can be fully repatriated without any prior approval from the SBP.
Overseas Pakistanis have been a key priority for the incumbent government, which has taken a number of measures in order to attract foreign currency for the cash-strapped economy, which remains dependent on remittance inflows.
The government is also set to launch the 'National Remittance Loyalty Program' (NRLP), aimed at offering monetary and other benefits to lure overseas Pakistanis to use official channels. The NRLP will offer incentives/rewards for sending remittances to Pakistan based on the point's accumulation structure.
Prime Minister Imran Khan has repeatedly termed overseas Pakistanis as the “biggest asset” of the country and stated that the country would not need the International Monetary Fund (IMF) programme in future if it is able to tap their full potential.
https://www.brecorder.com/news/40144915/roshan-digital-account-cumulative-inflows-reach-316bn
Savak
World Star
- Joined
- Feb 16, 2006
- Runs
- 50,164
- Post of the Week
- 3
I have been trying to request the HBL authorities to link my HBL Roshan Digital Account to my Pakistani Debit Card. These idiots keep trying to contact me on my Pakistani Cell Number even though i have told them like a billion times i live in Canada and not in Pakistan, at the time i opened the account, i gave them my Canadian Number but they refused to note it down giving bureacratic excuses i.e. there is no place in the form to write a foreign number.
In the emails they keep mentioning that i am unreachable on my Pakistani cell phone number and that i should provide them an alternative number. I provided them my Canadian Cell Number but these idiots still do not bother to call me and don't even promptly respond to my emails.
Extremely dissapointing experience
In the emails they keep mentioning that i am unreachable on my Pakistani cell phone number and that i should provide them an alternative number. I provided them my Canadian Cell Number but these idiots still do not bother to call me and don't even promptly respond to my emails.
Extremely dissapointing experience
- Joined
- Oct 2, 2004
- Runs
- 217,977
In my experience, people fear social media.
Find the twitter handle for HBL CEO and tweet to him.
Major
Test Star
- Joined
- Aug 28, 2013
- Runs
- 36,216
- Post of the Week
- 7
The banking system here is very very very cautious when it comes to contacting customers. They will not help you out if you contact them from some other number.
or you can try MCB motherland account
Last edited by a moderator:
- Joined
- Oct 2, 2004
- Runs
- 217,977
Prime Minister Imran Khan stated that the government was taking extraordinary measures to assist overseas Pakistanis, while chairing a meeting on Roshan Digital Accounts in Islamabad on Friday.
“Overseas Pakistanis are our precious asset and the government is taking unprecedented steps to facilitate them,” the prime minister said.
The PM said that the government aims to expedite measures such as granting voting rights to overseas Pakistanis, online issuance for certificates of power of attorney and inheritance. These measures are said to have a far reaching impact for the welfare and facilitation of expatriates.
The prime minister was apprised that remittances worth over $3 billion have so far been received through Roshan Digital Accounts.
Imran Khan directed the State Bank of Pakistan to provide online facilitation, on a real time basis, to overseas Pakistanis who wish to send money to Pakistan.
He also instructed the concerned authorities to launch an effective marketing campaign to convince overseas Pakistanis to use Roshan Digital Accounts.
https://tribune.com.pk/story/234317...nted-steps-to-facilitate-expatriates-pm-imran
“Overseas Pakistanis are our precious asset and the government is taking unprecedented steps to facilitate them,” the prime minister said.
The PM said that the government aims to expedite measures such as granting voting rights to overseas Pakistanis, online issuance for certificates of power of attorney and inheritance. These measures are said to have a far reaching impact for the welfare and facilitation of expatriates.
The prime minister was apprised that remittances worth over $3 billion have so far been received through Roshan Digital Accounts.
Imran Khan directed the State Bank of Pakistan to provide online facilitation, on a real time basis, to overseas Pakistanis who wish to send money to Pakistan.
He also instructed the concerned authorities to launch an effective marketing campaign to convince overseas Pakistanis to use Roshan Digital Accounts.
https://tribune.com.pk/story/234317...nted-steps-to-facilitate-expatriates-pm-imran
- Joined
- Oct 2, 2004
- Runs
- 217,977
Pakistan has great strengths to effectively address the multiple challenges it has been facing, Reza Baqir said on Wednesday upon the completion of his term as the State Bank of Pakistan’s (SBP) governor.
Federal Minister for Finance and Revenue Miftah Ismail Tuesday announced that no extension has been granted to Reza Baqir as the SBP governor as his three-year tenure expires today.
Taking to Twitter on Tuesday midnight, Baqir voiced hope that Pakistan will make the right decisions to overcome the challenges.
"We face several challenges but also have great strengths as a country to address them. I am confident and hopeful that we as a country will make the right choices to overcome the challenges ahead of us," he wrote.
He also expressed gratitude for successfully completing his three-year term as the central bank's governor and urged overseas Pakistanis to contribute in public service.
Baqir listed down multiple initiatives that he lead during his tenure as the SBP head. The initiatives are as follows:
Roshan Digital Account to connect overseas Pakistanis with our banks
Raast, Pakistan's first instant and free payment system.
Framework to license digital banks in Pakistan — a first that promotes inclusion and innovation.
Financial inclusion especially of women with Banking on Equality
Promotion of affordable mortgages for low-income people. Check here
Institutional strengthening of SBP by hiring three top-class deputy governors
Baqir thanked his colleagues in SBP, who he termed as "pillar for our economic stability", for making these initiatives a success with their hard work. He also thanked deputy governors, SBP's corporate management team, finance ministers and secretaries who he got to work with.
Finance Minister Miftah Ismail revealed that SBP Governor Dr Reza Baqir’s three-year will expire May 4.
“I have spoken to him and told him of the government’s decision," he wrote on Twitter, acknowledging his efforts during these three years.
“I want to thank Reza for his service to Pakistan. He is an exceptionally qualified man [and] we worked well during our brief time together. I wish him the very best,” the finance minister wrote.
Who is Reza Baqir?
Dr Baqir was appointed as the governor of the central bank by President Arif Alvi on May 4, 2019, for a period of three years from the day he assumes the office of the Governor. He assumed his responsibilities on May 5, 2019.
In addition to his regular responsibilities overseeing financial and monetary stability in the country and promoting sustainable economic growth, Dr Baqir had led several key new initiatives at the State Bank since assuming office which are mentioned above.
Prior to this appointment, Dr Baqir had eighteen years of experience with the IMF and two years of experience with the World Bank. He was the Head of the IMF's Office in Egypt and Senior Resident Representative since August 2017.
He had also held positions as IMF’s Mission Chief for Romania and Bulgaria, Division Chief of the IMF's Debt Policy Division, Strategy, Policy and Review Department, overseeing IMF’s work on debt relief and sovereign debt restructuring, head of the IMF delegation to the Paris Club for four years, and Deputy Division Chief of the Emerging Markets Division overseeing IMF’s loans and policies in emerging markets, amongst other roles.
Dr Baqir represented the State Bank of Pakistan on the Board of Directors of the Asian Clearing Union, the Board of Governors of the Economic Cooperation Organization Trade and Development Bank, the Council of Islamic Financial Services Board (IFSB), the Financial Stability Regional Consultative Group for Asia, and the IMF’s Board of Governors.
He was appointed as Chairman of the General Assembly of the prestigious Islamic Financial Services Board for 2022.
GEO
Federal Minister for Finance and Revenue Miftah Ismail Tuesday announced that no extension has been granted to Reza Baqir as the SBP governor as his three-year tenure expires today.
Taking to Twitter on Tuesday midnight, Baqir voiced hope that Pakistan will make the right decisions to overcome the challenges.
"We face several challenges but also have great strengths as a country to address them. I am confident and hopeful that we as a country will make the right choices to overcome the challenges ahead of us," he wrote.
He also expressed gratitude for successfully completing his three-year term as the central bank's governor and urged overseas Pakistanis to contribute in public service.
Baqir listed down multiple initiatives that he lead during his tenure as the SBP head. The initiatives are as follows:
Roshan Digital Account to connect overseas Pakistanis with our banks
Raast, Pakistan's first instant and free payment system.
Framework to license digital banks in Pakistan — a first that promotes inclusion and innovation.
Financial inclusion especially of women with Banking on Equality
Promotion of affordable mortgages for low-income people. Check here
Institutional strengthening of SBP by hiring three top-class deputy governors
Baqir thanked his colleagues in SBP, who he termed as "pillar for our economic stability", for making these initiatives a success with their hard work. He also thanked deputy governors, SBP's corporate management team, finance ministers and secretaries who he got to work with.
Finance Minister Miftah Ismail revealed that SBP Governor Dr Reza Baqir’s three-year will expire May 4.
“I have spoken to him and told him of the government’s decision," he wrote on Twitter, acknowledging his efforts during these three years.
“I want to thank Reza for his service to Pakistan. He is an exceptionally qualified man [and] we worked well during our brief time together. I wish him the very best,” the finance minister wrote.
Who is Reza Baqir?
Dr Baqir was appointed as the governor of the central bank by President Arif Alvi on May 4, 2019, for a period of three years from the day he assumes the office of the Governor. He assumed his responsibilities on May 5, 2019.
In addition to his regular responsibilities overseeing financial and monetary stability in the country and promoting sustainable economic growth, Dr Baqir had led several key new initiatives at the State Bank since assuming office which are mentioned above.
Prior to this appointment, Dr Baqir had eighteen years of experience with the IMF and two years of experience with the World Bank. He was the Head of the IMF's Office in Egypt and Senior Resident Representative since August 2017.
He had also held positions as IMF’s Mission Chief for Romania and Bulgaria, Division Chief of the IMF's Debt Policy Division, Strategy, Policy and Review Department, overseeing IMF’s work on debt relief and sovereign debt restructuring, head of the IMF delegation to the Paris Club for four years, and Deputy Division Chief of the Emerging Markets Division overseeing IMF’s loans and policies in emerging markets, amongst other roles.
Dr Baqir represented the State Bank of Pakistan on the Board of Directors of the Asian Clearing Union, the Board of Governors of the Economic Cooperation Organization Trade and Development Bank, the Council of Islamic Financial Services Board (IFSB), the Financial Stability Regional Consultative Group for Asia, and the IMF’s Board of Governors.
He was appointed as Chairman of the General Assembly of the prestigious Islamic Financial Services Board for 2022.
GEO
- Joined
- Oct 2, 2004
- Runs
- 217,977
KARACHI: The Roshan Digital Account (RDA) on Tuesday received the highest-ever single day inflow of $57 million.
In a tweet, the State Bank of Pakistan (SBP) said, “Today marks yet another historic day in #RoshanDigitalAccount, with $57mn in deposit inflows, highest ever daily figure. With this significant increase, total deposits in RDA have crossed $4.5bn. We are humbled by the continuous trust and commitment of our #OverseasPakistanis.”
The RDA was launched in September 2020 to attract foreign exchange from overseas Pakistanis and provide them with higher returns than are available in the world markets.
The contribution of overseas Pakistanis to the economy is much bigger than the entire exports of the country while they are protecting the country from default by remitting record remittances of over $30bn.
Dollar peaks at Rs211.48
The US dollar again appreciated against the rupee to reach Rs211.50 in the interbank market on Tuesday.
The State Bank of Pakistan reported the closing price at Rs211.48 while the exchange companies quoted it at Rs211.80.
The dollar maintained its bull run against the local currency for the eighth session in a row. It, however, has gained over Rs30 since the PML-N coalition government took over on April 11.
In the open market, the greenback was selling at Rs215.50 compared to Rs213.50 on Monday.
Published in Dawn, June 22nd, 2022
https://www.dawn.com/news/1696078/highest-single-day-inflow-takes-rda-total-to-45bn
In a tweet, the State Bank of Pakistan (SBP) said, “Today marks yet another historic day in #RoshanDigitalAccount, with $57mn in deposit inflows, highest ever daily figure. With this significant increase, total deposits in RDA have crossed $4.5bn. We are humbled by the continuous trust and commitment of our #OverseasPakistanis.”
The RDA was launched in September 2020 to attract foreign exchange from overseas Pakistanis and provide them with higher returns than are available in the world markets.
The contribution of overseas Pakistanis to the economy is much bigger than the entire exports of the country while they are protecting the country from default by remitting record remittances of over $30bn.
Dollar peaks at Rs211.48
The US dollar again appreciated against the rupee to reach Rs211.50 in the interbank market on Tuesday.
The State Bank of Pakistan reported the closing price at Rs211.48 while the exchange companies quoted it at Rs211.80.
The dollar maintained its bull run against the local currency for the eighth session in a row. It, however, has gained over Rs30 since the PML-N coalition government took over on April 11.
In the open market, the greenback was selling at Rs215.50 compared to Rs213.50 on Monday.
Published in Dawn, June 22nd, 2022
https://www.dawn.com/news/1696078/highest-single-day-inflow-takes-rda-total-to-45bn
- Joined
- Oct 2, 2004
- Runs
- 217,977
<blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Our government stands firmly behind Roshan Digital Account scheme. Happy that yesterday State Bank received $57 million the largest inflow in a day ever. We have now crossed $4.5 billion in total deposits. I thank overseas Pakistanis for reposing their trust in the motherland.</p>— Shehbaz Sharif (@CMShehbaz) <a href="https://twitter.com/CMShehbaz/status/1539490750458740739?ref_src=twsrc%5Etfw">June 22, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
JaDed
Test Star
- Joined
- May 5, 2014
- Runs
- 39,137
Maybe the corrupt Pakistanis abroad have more money to give.
Irrespective I have this confusion, can anyone deposit to this account or one needs Pakistani citizenship(Dual or otherwise) proof?
Irrespective I have this confusion, can anyone deposit to this account or one needs Pakistani citizenship(Dual or otherwise) proof?
Major
Test Star
- Joined
- Aug 28, 2013
- Runs
- 36,216
- Post of the Week
- 7
So where are those posters who were saying they would take a stand and not send money back.
Turns out, they were irrelevent as people will still send remitances and it doesnt matter which govt is in power...
Similar threads
