$30 million collected from overseas Pakistanis under the scheme ‘Pakistan Banao Certificate’

According to the special secretory finance and official spokesperson, Umar Hameed stated that Pakistan Banao Certificate is the script-less matter that does not need any extension.

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  • Government of Pakistan collected $30 million from the scheme PBC that was initiated earlier this year.

  • Pakistan Banao Certificate is the script-less matter that does not need any extension: Secretary Finance.

 

The current government of Pakistan has collected the amount of $30 million from the Pakistani’s who are living abroad under the scheme “Pakistan Banao Certificate” (PBC). The initiative of this scheme was taken by the government of Pakistan earlier this to lure investments from overseas Pakistanis.

According to the special secretory finance and official spokesperson, Umar Hameed stated that Pakistan Banao Certificate is the script-less matter that does not need any extension.

“The scheme is continuing“, said the Finance Ministry spokesman, he further stated that the only advertisement campaign ended on 30th June 2019.

Regarding the Pakistan fund for Diamer-Bhasha and Mohmand dams, which was commenced by the former chief of Pakistan, top officials of the state bank of Pakistan, said that so far the total amount collected from the funds of dams has reached to Rs10.9 billion. They further stated that on the instructions of the Supreme Court of Pakistan all the amount is invested into the treasury bills of the government through the National Bank of Pakistan.

GoP had a fixed profit rate of 6.25 percent and 6.75 percent in the PBC scheme:

A top government official said that the government of Pakistan had a fixed profit rate of 6.25 percent and 6.75 percent in the PBC scheme on investment of three and five years respectively.

The government of Pakistan couldn’t launch the PBC scheme in the UK and the US even though most overseas Pakistanis are living in these two countries. The reason being said that the Pakistan finance ministry was not able to get the permission required from the regulatory regimes of these countries.

There was no proper campaign that was launched by the government of Pakistan to attract investment into the Pakistan Banao Certificate, couldn’t understand what government was thinking about luring overseas Pakistanis into this scheme, said the source.

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