ISLAMABAD: The government has proposed amendments to the Naya Pakistan Certificates Rules, 2020, to expand eligibility and clarify operational provisions for investment in the certificates.
In a draft notification, the External Finance Wing of the Finance Division circulated proposed changes for public feedback under Section 28 of the Public Debt Act, 1944. The government invited suggestions from stakeholders who are likely to be affected by the amendments.
Under the proposed changes, new definitions would be introduced in Rule 2, including “Foreign Currency Business Value Account (FCBVA)” and “Non-Resident Rupee Business Value Account (NRBVA)”, both defined as accounts opened in accordance with the Foreign Exchange Regulation Act, 1947. The draft also introduces a definition of “non-resident person” that covers all non-resident individuals and legal entities incorporated or registered abroad.
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The amendments would revise Rule 3 to make every non-resident person eligible to open and maintain FCVA, FCBVA, NRVA, or NRBVA accounts with authorised banks in Pakistan to purchase Naya Pakistan Certificates. Eligible individuals would be able to invest either individually or jointly with another individual.
In addition, resident Pakistanis who hold assets abroad and have duly declared them in their latest tax returns filed with the Federal Board of Revenue would also be permitted to purchase the certificates through their Foreign Currency Value Accounts in Pakistan, subject to controls and procedures to be notified by the State Bank of Pakistan.
The proposed changes to Rule 11 clarify that funds for investment in the certificates must be remitted from abroad into the investor’s FCVA, FCBVA, NRVA, or NRBVA accounts in accordance with prevailing regulations.
Another amendment addresses cases where the certificate holder is a juridical person with a separate legal personality. If such an entity is dissolved or wound up, the principal and profit payments would be distributed in accordance with the laws of the entity’s country of incorporation or registration. The Finance Division said the draft amendments have been circulated for information and public comments before they take final shape.
Copyright Business Recorder, 2026