I want to thank our Pakistanis overseas for responding so warmly to SBP #RoshanDigitalAccounts. 87,833 accounts opened in 97 countries around the world. $ 500 million sent to Pakistan in just 5 months. Momentum continues to increase with $ 243 million coming in in the past 6 weeks alone, PM Khan tweeted.
I want to thank our Pakistanis overseas for responding so warmly to SBP #RoshanDigitalAccounts. 87,833 accounts opened in 97 countries around the world. $ 500 million sent to Pakistan in just 5 months. Momentum continues to increase with $ 243 million coming in in the last 6 weeks alone – Imran Khan (@ImranKhanPTI) February 16, 2021
One of the original promises of Imran Khan’s political campaign was to bring Pakistani overseas investments to Pakistan, as can be seen in an official tweet from PTI below, posted in 2014.
Pakistanis overseas will invest in Pakistan as much as Pakistanis will not have to travel abroad to find work. IK at # AzadiSquare— PTI (@PTIofficial) August 29, 2014
Thus, since coming to power, the Prime Minister has been working on it. On September 10, 2020, Imran Khan inaugurated Roshan Digital Accounts (RDA), a joint initiative of the State Bank of Pakistan and the government.
The GDR is an incentive for Non-Resident Pakistanis (PNR) to invest in Pakistan, as higher returns on capital are offered compared to foreign banks. Higher yields attract larger capital inflows, as evidenced by the success of the GDR.
Commercial banks also see it as an opportunity to join this program as it is a positive step towards improving the country’s balance of payments, which could lead to less dependence on external loans.
As of the end of January, more than $ 300 million had been invested in Naya Pakistan Certificates (NPCs), comparable to US Treasuries but offering higher yields (as shown below, source: SBP). This means that of the $ 500 million that Imran Khan mentioned in his tweet, $ 300 million is paid as an investment and the rest as cash transfers.
The GDR is also an attempt by the government to regulate remittances that were previously sent through informal means like hundi / hawala. However, due to the ongoing pandemic, travel has been limited, prompting people to use formal channels like RDA.
Read more: Remittances surpass $ 2 billion for 8th consecutive month
Convenience for non-resident RDA holders
As another incentive for RDA holders, SBP announced on Tuesday, the taxation process has been streamlined and hassle-free.
Based on diaspora feedback and SBP recommendations, the federal government introduced several changes to the Income Tax Ordinance 2001 through the Tax Laws (Amendment) Ordinance 2021 in order to simplify the tax regime for RNPs that maintain the RDA, SBP said.
According to the State Bank of Pakistan, this amendment means that PNRs will not have to file returns on the income they have earned from RDAs.
In addition, the tax will not be levied on RDAs holding PNRs when withdrawing cash and making bank transfers as is the case for non-filers.
Profit made on GDR deposit debt is tax exempt, however, the NPC profit tax rate is 10% for PNRs and resident Pakistanis reporting overseas assets. It is 15% on dividends received from mutual funds and companies (except independent power producers and tax-exempt companies, which are taxed at 7.5% and 25% respectively).
Read more: IT sector remittances increase 38.16% to $ 648.940 million
Under the new amendment, profit on stocks and mutual funds is also taxed at 15pc, the same rate that is applicable to filers. In addition, at the time of the purchase and sale of real estate, a tax of 1% of the value of the asset will be payable by the PNR which will be the only tax paid by the PNR on capital gains. On real estate investments made through RDAs.
These amendments will encourage Pakistanis abroad to invest in Pakistan rather than overseas, helping Pakistan and simultaneously achieving superior returns.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]