SBP allows resident Pakistani Companies’ to invest up to $10mn overseas

ISLAMABAD: To promote ease of doing business, the State bank of Pakistan (SBP) has been allowed to approve and endorse investments amounting up to $10 million in foreign countries by Pakistani companies, by the Economic Coordination Committee (ECC).

The SBP could only authorize overseas investments up to $5 million by the resident Pakistani companies. In case of foreign investments exceeding $5 million, it was referred to the ECC.

The ECC enhanced powers of the SBP to accord approval to equity overseas investment by the resident Pakistani companies.

However, the limit would be reviewed after every five years, added the sources.

On another occasion, the government has announced digital banking services for overseas Pakistanis, informed Special Assistant to Prime Minister Syed Zulfi Bukhari.

The Roshan Digital Accounts project is aimed to help overseas Pakistanis invest in the country easily.

The project was commenced on the demand of the overseas Pakistanis and approved after consultations with SBP and other commercial banks.

The project allows Overseas Pakistanis to make banking payments and investments directly.

In addition, the project allows the account holders to avail fix deposit services and direct transaction for buying residential and commercial property.

Overseas Pakistanis can open the bank accounts without visiting the country, in the desired currency, including Pakistani rupee or foreign currency, by submitting their basic information and documents to the State Bank of Pakistan online.

The account holders will also be able to withdraw their investment without any prior notice.

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