Pakistan Tehreek-e-Insaf (PTI) government deserves credit for creating a scheme for overseas Paksitanis through which it has accumulated over $500 million of much needed foreign exchange and facilitated the diaspora.
Roshan Pakistan Accounts are without a doubt one of the best steps taken by the incumbent government.
At a ceremony to mark the occasion, Prime Minister Imran Khan said that over 88,000 accounts had been opened from 97 countries within five months. He said that overseas Pakistanis were a big asset for the country. As for the $500 million, he said that unless the rupee becomes stronger, the econmy won’t prosper.
The greenback is, after all, like oxygen for the country. The government claims it has returned loans worth Rs. 6,000 billion. On the other hand, loans increased by Rs.1, 000 billion.
The bitter truth of the matter is that for now, Pakistan’s economy is heavily reliant on dollars. Accumulating foreign reserve through overseas Pakistanis is one way of elevating the lives of the people within the country. The treasury needs Roshan Pakistan Accounts. It is one of those rare economic phenomenon, within which lies just victory, with no foreseeable adverse effects.
What exactly is the scheme? Pakistanis who live or work abroad or have declared assets abroad can open online accounts in nine of the biggest banks in Pakistan. Through these accounts they can deposit money or invest in treasury bonds, stock exchange or Naya Pakistan certificates. All that is required are photos, ID cards, passport copies and proof of living or working abroad.
Previously, it was a tedious and difficult process to open a bank account in Pakistan if one lived outside the country. One of the baffling requirements was to be present inside Pakistan. But now, within 48 hours, every overseas Pakistani can have an account, wherever he may be working or living.
Through the Naya Pakistan certificate, nonresident Pakistanis can get a profit of 7% if they invest in the greenback for 5 years. For tenures of 6 months, the rate of return is 6%. If they choose to invest in Pakistani Rupee, they can avail profit of 11% for a 5 year tenure and 10% for a 6 month tenure. Such generous returns on safe investment are. Right now, exceedingly rare.
The investment of $500 million within five months is proof aplenty that overseas Pakistanis are willing to trust the government and the brilliant scheme that is Roshan Pakistan Accounts.