Published in The News on April 29, 2021
ISLAMABAD: Prime Minister Imran Khan announced two new schemes for overseas Pakistanis today (Thursday).
In an event held here at the capital, the premier thanked Governor State Bank Reza Baqir for his role in bringing about the two schemes; Roshan Apni Car and Roshan Samaji Khidmat.
PM Imran Khan instructed the government to seek Finance Minister Shaukat Tareen’s help, saying that the minister was an expert in when it came to the marketing aspect of products and assets.
The premier urged his economic team to keep thinking of “out-of-the-box” solutions to support Pakistan’s economy till its exports does not come at par with its imports.
He appreciated the record-breaking rise in remittances from overseas Pakistanis over the years, adding that this was just the “tip of the iceberg”.
He praised the Pakistani diaspora for playing their part in supporting Pakistan’s economy over the years.
“Overseas Pakistanis have, over the years, kept our economy afloat,” he said, adding that he was in touch with overseas Pakistanis for the past 50 years during his cricketing days.
In a message to Pakistani embassies in various countries across the world, PM Imran Khan said their “most important duty” is to look after the affairs of Pakistani labourers in those countries.
He said the Pakistani embassy in Saudi Arabia had not taken care of labourers, adding that a “high-powered” investigation will be launched into the matter and exemplary punishments will be handed to those found guilty.
PM Imran Khan said he had received reports that embassy staffers were taking money as bribes from Pakistani labourers in Saudi Arabia.
‘Roshan Apni Car and Roshan Samaji Khidmat’
Earlier, PTI Senator Faisal Javed Khan went into detail about the success of the RDA and its impact.
“Today PM Imran Khan will address overseas Pakistanis in connection with #RoshanDigitalAccount reaching a great milestone of 1 Billion Dollars. RDA was launched just 7 months ago, with the objective of connecting NRPs to Pakistan’s Banking System completely digitally,” tweeted the PTI senator.
Today PM Imran Khan will address overseas Pakistanis in connection with #RoshanDigitalAccount reaching a great milestone of 1 Billion Dollars. RDA was launched just 7 months ago, with the objective of connecting NRPs to Pakistan's Banking System completely digitally.
— Faisal Javed Khan (@FaisalJavedKhan) April 28, 2021
“Today more than 120,000 accounts have been opened from 170 countries around the world and more than 1 Billion Dollars have been received. Investment in Naya Pakistan Certificates has crossed 646 Million Dollars. Investment in Stock Exchange through RDA has crossed PKR 1.6 Billion,” he wrote in a subsequent tweet.
Today more than 120,000 accounts have been opened from 170 countries around the world and more than 1 Billion Dollars have been received. Investment in Naya Pakistan Certificates has crossed 646 Million Dollars. Investment in Stock Exchange through RDA has crossed PKR 1.6 Billion
— Faisal Javed Khan (@FaisalJavedKhan) April 28, 2021
Javed announced the names of the two new schemes PM Imran Khan will launch today.
“This milestone is a testament to faith that NRPs have in Pakistan & PM Imran Khan led PTI Govt. To enrich #RoshanDigitalAccount scheme further, today 2 new initiatives are being launched for RDA holders:
Roshan Apni Car
Roshan Samaaji Khidmat,” he tweeted.
This milestone is a testament to faith that NRPs have in Pakistan & PM Imran Khan led PTI Govt. To enrich #RoshanDigitalAccount scheme further, today 2 new initivates are being launched for RDA holders:
Roshan Apni Car
Roshan Samaaji Khidmat— Faisal Javed Khan (@FaisalJavedKhan) April 28, 2021
He said the “Roshan Apni Car” scheme will enable overseas Pakistanis to buy cars for their loved ones at very attractive rates.
“Now RDA holders can avail financing under #RoshanApniCar at very attractive terms to purchase a car for their loved ones in Pakistan. Banks are offering both conventional & Islamic modes of financing at attractive mark-up rates starting from 7% with priority delivery,” he wrote.
Now RDA holders can avail financing under #RoshanApniCar at very attractive terms to purchase a car for their loved ones in Pakistan. Banks are offering both conventional & Islamic modes of financing at attractive mark-up rates starting from 7% with priority delivery.
— Faisal Javed Khan (@FaisalJavedKhan) April 28, 2021
The senator said it was now possible for overseas Pakistanis to pay donations easily by going into the banks’ portals and selecting the charity they want to pay and the amount.
“Under #RoshanSamaajiKhidmat RDA holders can give donations, Zakat etc. very conveniently, through the banks portal by selecting the charity and paying the amount. For the first time, they will also be able to make donations directly to the government’s landmark Ehsaas program,” he tweeted.
Under #RoshanSamaajiKhidmat RDA holders can give donations, Zakat etc. very conveniently, through the banks portal by selecting the charity and paying the amount. For the first time, they will also be able to make donations directly to the government’s landmark Ehsaas program.
— Faisal Javed Khan (@FaisalJavedKhan) April 28, 2021
PM Imran Khan has on several occasions referred to overseas Pakistanis as the country’s “biggest asset” and vowed to make policies that benefit them.
The prime minister has tasked his government over the past few months to come up with electoral reforms that would allow overseas Pakistanis to vote in the upcoming general elections as well.
The Roshan Digital Account initiative
The Roshan Digital Account is an initiative by the State Bank of Pakistan to serve the banking needs for overseas Pakistanis so it is easier for them to invest in their home country.
Last year in September, PM Imran Khan launched the initiative. A press release issued by the Prime Minister’s Office last year had said that it is “the first time in the country’s history, Non-Returning Pakistanis (NRP) will be able to remotely open an account through an entirely digital and online process without any need to visit a bank branch, embassy, or consulate”.
“The customer can choose either foreign currency or rupee dominated account, or both. Funds in these accounts will be fully repatriable, without the need for any regulatory approval,” the statement read.
Speaking to Bloomberg last year, SBP Governor Dr Reza Baqir had said the initiative would allow overseas Pakistanis to invest money in local stock markets, buy government bonds and securities, and avail basic banking services.
The SBP boss had added that at least eight Pakistani banks will facilitate the Roshan Digital Accounts and allow overseas Pakistanis to deposit funds in either US dollars or Pakistani rupees.
