The Government of Pakistan has decided to take further steps to facilitate overseas Pakistanis. The concerned Authority has abolished the requirement for banks to obtain a separate license for distributing mutual funds and private pension funds to Roshan Digital Accounts (RDA). This relaxation has been granted to provide ease to the millions of nationals living abroad in sending remittances back to their families. The permission is applicable only for the transfer of funds through RDAs.
Through RDA, the non-resident Pakistanis integrate into the country’s banking and digital payment system that provide access to all conventional account services, including funds transfer, bill payments for their families, e-commerce, and other payments in Pakistan.
More than 9 million Pakistanis currently live abroad and send remittances back to their families. The challenges and issues they face on multiple fronts must be tackled to ensure they feel welcome back at home. Their role is also central in achieving Pakistan’s foreign policy objectives and improving the country’s image around the world.
This initiative will broaden the range of available investment avenues for Overseas Pakistanis and increase the flow of foreign remittances to the country. Overseas Pakistanis are a big source of funding and investments in the real estate sector of Pakistan as it provides them with a better alternative to keeping money in banks with low-interest rates. Pakistan’s average growth in the real estate sector is around 25 percent. Combined with facilities like Roshan Digital Accounts (RDA) and Roshan Apna Ghar (RAG) scheme, real estate is the best sector for investments by overseas Pakistanis.
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