ISLAMABAD:
Prime Minister Imran Khan on Sunday broke the “good news” to the nation that the inflows from the Roshan Digital Account (RDA) have crossed the $1.5 billion mark.
"Good news from SBP [State Bank of Pakistan]. #RoshanDigitalAccount achieves more milestones," the premier wrote on micro-blogging site Twitter.
"Inflows crossed $1.5 billion on Friday, with investment in the Naya Pakistan Certificates surpassing $1 billion. Accounts and deposits have set new records since the $1 billion event two months ago," the premier added.
Good news from SBP. #RoshanDigitalAccount 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. https://t.co/sEe2wiOYrG pic.twitter.com/hAIx2Rko4Z
— Imran Khan (@ImranKhanPTI) June 27, 2021
Overseas Pakistanis’ confidence in the domestic economy is on the rise as in late April, the volume of their foreign currency deposits with local banks and their investments in a number of schemes through the RDA surpassed a major milestone of $1 billion.
These inflows have played a significant role in strengthening Pakistan’s foreign currency reserves to around four-year high of over $16 billion.
This has improved the country’s capacity to make international payments, including the import bill and foreign debt repayments, and stabilizing the rupee-dollar parity at around Rs153.
The RDA is a lifestyle product as it has something for everyone and can meet the needs of all individuals. Moreover, the tax regime for such investments has been made extremely simple and user-friendly, so that the overseas Pakistanis do not have to worry about filing tax returns on the use of the RDA.
Read Overseas Pakistanis urged to take benefit of RDA
An important additional feature of the RDA is that the investment can be fully repatriated. This means that overseas Pakistanis can remit their funds back to where they live anytime in a completely seamless way, without the need for taking permission from the SBP.
Prime Minister Imran had launched the RDA initiative in collaboration with the SBP in September 2020. Majority of the inflows come from Saudi Arabia and the United Arab Emirates (UAE) and are mostly invested in conventional and Sharia compliant Naya Pakistan Saving Certificates.
The overseas Pakistanis have also invested in properties and in the companies listed on the Pakistan Stock Exchange (PSX). The overseas Pakistanis can get car loans and mortgage financing through the RDA and can also pay their families’ local utility bills and school fees.
Tree plantation
PM Imran Khan has asked all Pakistanis to prepare themselves for the "biggest tree planting campaign in Pakistan's history" ahead of the monsoon season.
On Sunday, the PM shared an infographic on Twitter, showing the number of trees per person in different countries. According to the chart, there are 10,163 trees per person in Canada, 699 per person in the US, 130 per person in China, 28 per person in India and five trees per person in Pakistan.
"We have a lot of catching up to do. And we will be gearing up this monsoon season for our plantation drive — the biggest in Pakistan's history," he added.
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