PM opens 'Roshan Digital Account' for overseas Pakistanis

Prime Minister Imran Khan on Thursday inaugurated the 'Roshan Digital Account', an initiative which will facilitate millions of overseas Pakistanis to undertake fund transfers, bill payments and investment activities in the country.

Speaking on the occasion, he said that Pakistani diaspora is the country's biggest assets but they are often looked upon with suspicion. "They are our best brains. Many even say they cannot become ministers or cabinet members. We need to change this attitude."

The premier said that at times "we lack expertise within the country and therefore require the services of overseas Pakistanis".

He added: "In Dubai, they even brought foreigners because they lacked expertise. Here, we already have it in the shape of overseas Pakistani but with our attitude, we often discourage them."

PM Imran termed overseas Pakistan as the most patriotic and "most of the times we do not realise that and waste their talent".

He said that despite Covid-19 pandemic, Pakistani exports have increased. "However, until they reach the minimum required level, we would have to facilitate the overseas Pakistanis and the Roshan Digital Account is an initiative in this regard."

Soon the country will see a boom in the construction industry under the banner of Naya Pakistan Housing Scheme, he added.

The Roshan Digital Account is a major initiative by the State Bank of Pakistan (SBP), together with eight other commercial banks operating in the country.

These banks will provide innovative banking solutions for millions of non-resident Pakistanis (NRPs) and for the first time in Pakistan's history, they will be able to open an account in any bank through an entirely digital and online process, without having to visit any bank, embassy or consulate.

To open an account, all documentation requirements will need to be completed. Once complete, it will take 48 hours to open the account, according to an official statement.

The customer can choose whether to open a rupee dominated account, foreign currency or both and funds in the account will be fully repatriable, without the need for any regulatory approval.