Pakistan Expands Bank Account Rules for Overseas Pakistanis

State Bank of Pakistan has introduced broader rules allowing more overseas Pakistanis and non resident entities to open and operate accounts in Pakistan’s banking system.

New Rules Cover Individuals and Companies

Under the revised framework, both non resident individuals and legal business entities can now maintain eligible accounts through authorized banks.

Move Designed to Strengthen Foreign Inflows

The policy is aimed at attracting additional capital into Pakistan by making financial access easier.

Multiple Account Categories Expanded

The revised policy applies to:

• Foreign Currency Value Accounts
• Non Resident Pakistani Rupee Value Accounts
• Foreign Currency Business Value Accounts
• Non Resident Rupee Business Value Accounts

Tax Definition Used for Eligibility

Eligibility is now tied to the legal definition of non resident status under national tax law.

Banks Authorized to Open Accounts

Authorized dealers across the banking sector may now process these accounts under updated central bank guidelines.

Digital Banking Access Included

Banks will allow operations through:

• internet banking
• mobile banking
• ATM services
• debit cards

Cheque Books Also Permitted

Account holders may also request cheque books where needed.

Resident Pakistanis With Foreign Assets Included

The new policy also covers resident Pakistanis who have declared foreign assets through tax documentation.

Business Entities Gain Wider Access

Eligible business structures include:

• companies
• foundations
• trusts
• societies
• limited liability partnerships

Certain Business Forms Excluded

Sole proprietorships and unregistered partnerships are not included in the new framework.

Roshan Digital Account Remains Main Channel

Roshan Digital Account remains the main platform for non resident account opening.

Overseas Deposits Already Significant

The Roshan Digital Account system has already attracted billions of dollars over recent years.

Investment Access Also Expanded

Eligible account holders may now invest in:

• Naya Pakistan Certificates
• Pakistan Stock Exchange
• treasury bills
• Pakistan Investment Bonds
• mutual funds
• pension funds
• real estate

Shariah and Conventional Products Included

Investment eligibility now covers both conventional and Islamic financial variants.

Policy Seen as Growth Signal

The updated rules are being viewed as part of broader efforts to strengthen external financial confidence.

Courtesy: Brecorder