Pakistan Banao Certificates

Denomination: Minimum IJSD 5,000 with no upper lirnit

Issuer: Federal Govetnment of Pakistan

Type: Scripless

Maturity: 3 and 5 years

Eligible Investors: CNIC, NICOP and POC holders

Source of funds: Remittance, through official banking channels, from

an account maintained abroad

o Profit Rate: 6.25 percent per annum on 3 year Ccrtificates

6.75 percent per annum on 5 year Certificates
o Profit Payment: Semi-annually, in investor's nominated USD
account maintained in countrv of residence or in

Pakistan

o Encashment: Allowed in PKR anytime

Allowed in USD after deduction notified by the
Ministry of Finance
o Redemption: In IJSD, in investor's nominated account in countrl' of
residence or in Pakistan
In PKR, at prevailing exchange rate, with an

additional amount equal to 1 percent in investor's

designated PKR account in Pakistan

Tax: Exempt from withholding tax

Zakat: No compulsory deduction
Website: www. pakistanb anao certifi cates. gov. pk
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EXTRAOHDINARY
PUBLISHED BY AUTHORITY
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ISLAMABAD, FRII}AY, JANUARY 25, 20I9

PART It
Statutory Notifications (S. R- O.)

('iovcl{N\4HN',l ()l: l'AK tsl AN

FINANCE DIVISION
(External Finance Wing)

NOTIFICATION

Islamabad, the 2ttd .Jonuat'y' )Q 1 9

S.R.O. 9?(I)/2019.-ln cxercise of'llic powers confcrrcd b;' section 28 of

tlrc Public Dcbt Acr, 1944 (XVlllof 1944), the Federal Covenlnrent is pieased to
make tlre fr>llorving rtrles, ttatttely:-

l. Short title, application antl comnlencemcnt,{l) These rules

slrall be called the Pakistart Banao Ccrtificates Rules, 2018.

(2) Thel,slrall apply to tltc Pakistan llunao Certificates.

(l) They shall ctlttte irtto force ll ottce'

'l'lre Covcrttt:terrt of Paklstarr sh".ll

Z. lssuancc of certificates,{l}
tlrrough the State Bank of Pakistan issuc tlrc Pakistan Runuo Certificates,
hereinafter callcd the certiflcates. '

(tsl)
Price , R;. 6

[ 04 (201 9)/Ex. Caz..]

ls2 _ TI{D,SAZEITU TRA., JAyrJARLzs, 2919
* tporr'' !:-
(2) 'l'he certificatcs urtder sub-rulc (l) shall be offcred througlr r,veb
based portal

3. Denomination and linrit.-The certificatcs .shall he issucd in

US Dollar flve tltousancl arrd any integral nrultiples of {.JS Dollars onc thousand
itt exccss thereoI rvith no upper linrit on lhe investrnent arrrount.

4. Tl'pe of instrument.-The certificates shall be scriplcss and

reqisterccl in the Subsidiary General Lcdgcr,{,ccounr nraintained rvith tlre Starc
Bank of Pakistan.

5. IVlaturity periotl.-Thc ccrlificates slrall bc issucd for thrce and

five years tionr tlre date of issue .

6. Eligible invcstor.t.-Tlrc fbllorving investors shall bc ciisiblc to

invcst in the certitlcates either individually or jointly, narnely,:-

(a) Pakistarri individrtals havinr Computerizec{ Natiorral l<Jentin, Carcl

(cNrc);

(b) Pakistani individuals having National Identiry Card for Ovelseas

Paki stan i s (l'l ICOP); ancJ

(c) holders of Pakistan Orirrin (-'art'l (POC).

7. Sottrce of funds,-Thc eligiblc irrvestors shall purchasc certificatcs

against tlrc rentittance, throuuh officiri trarrking clrarrnet, frorn investors orvn
account rnaintairred abroad.

8. Rate of profit and pavnlcntc.- (l) The rate of profit shall be fivc
perccr'rI per annut'lr for tltrcc Yetrs certillcatcs arrd f-rvc and hillf perccnt l)cr
arlnUm lor fivc years ce flitlcates.

(2) l'lrc profit p:rl,rrrcnts shrll brr paid in US Doliar orr senri-arrnrral
basis in tlre irtvcstor's nominated US I,\c.llar accorrrrt ltraintaincd irr courrln, ol'
residcnce or irr l)akistan:

Provided that no profit sirall Lre pa1'ablc if the encashrrrent is rnade hcfbre
the due date of the six monrhly profir llrvrnent, rvhereas no profit shall be paid
for'holding the certificates beyoncl rlrc rlr:rtlrrity period.

9. Encashnrent.{ l) ''l-lrc
plrernaturc encashntcnt of cerlificates in
I'ak I{upec shall be allou,ed ariytinre
Pnn r llJ {THE GAZETTE OF PAKTSTAN. IlXt'RA JANIJARY 25. 20 I9 l_5 j
(2) Pt'ctttature encashnlent in [,]S Dollars strall bc allow'ed alicr arre
year, Irt case of prentature encashntertt in US Dollars bcfore lapse r:f onc year, a
cleductiorr of one pcrcent shall be matJc.

10. ltcclemption,*Redenrption of principal payrncnt shall be rnadc in

US Dt-:llars in thc investor's nortrirtatcd US Dollar accourrt rnaintaincd irr countrv
of residencd or in Pakistan:

Providcd tltal, irr case an irir.c*.li-,r ()pts out for. redcrnptiilrr crl'priircipal
pa1'rneltt in PKR at nraturiN, an additional arnount equal to onc pcrccnt shall be
paid rvitli thc last six ntonthly'profit l,rilvnrsrrt. I{cdernption in PKIt slrall bc nrade,
at llrevailing interbank PK R-US l)ollar cxchange rale, in the irrvcstor's
desigrrated PKtt account maintained u,ith a bank in Pakistan.

I I. Tax.-Profit payntent in r.rsfect of tire certif icatr-s slrall bc cxcrn;:t

frorn tlre deduction of w'ithlroldirrg tax.

12. Zakat.-There slrall lrc r() g1r,11nulsory detluctiorr ot'zakat orr tlre
ccfiificatcs as per requiremenls of rllc /lket arril Ushr Ordinance. 1980 (X\rlll oi'
le80).

13. Ollcrational irrstrrrcliuns.--Thc State Barrk of Pakistan nra), irr

respect of tlre certificates issue ope rutirtrtal instructiorts to investors on issuance,
profi t payrnerlts, redemption, l ran snr i s s i r''rr lr nii nratters a nc il lary,. thcreto.

[No. 3(7) DF(FCM)/20 I 8.1

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,\ectiort OJiicer (Et?

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