SBP Expands NPC Eligibility For Non Resident Investors

The State Bank of Pakistan has introduced revisions to the eligibility framework governing investment in Naya Pakistan Certificates, thereby broadening participation for non-resident individuals and entities under an updated regulatory regime.

Pursuant to a recently issued circular, all non-resident persons eligible to maintain accounts such as Foreign Currency Value Accounts, Foreign Currency Business Value Accounts, Non-Resident Pakistani Rupee Value Accounts, and Non-Resident Business Rupee Value Accounts are now permitted to invest in both conventional and Shariah-compliant NPC instruments.

These changes follow amendments notified by the federal government to the NPC framework, aimed at enhancing investor accessibility and facilitating greater foreign participation.

The State Bank of Pakistan has further updated its consolidated customer onboarding framework by expanding the scope of Roshan Digital Accounts to include all non-resident individuals as well as legal entities incorporated or registered outside Pakistan, in line with definitions provided under the Income Tax Ordinance, 2001.

Under the revised framework, digital onboarding has been extended to both resident and non-resident customers, encompassing natural as well as juridical persons. Previously, such facilities were restricted to individuals possessing specific identification documents, including CNIC, NICOP, POC, POR, or ARC.

For corporate and institutional clients, SBP-regulated banks are now authorised to verify credentials through digital portals of relevant authorities, including the Securities and Exchange Commission of Pakistan. Additionally, document verification may be supported through apostilled, consularised, or notarised documentation, where applicable.

The revised onboarding framework is intended to streamline account opening procedures, eliminate inconsistencies across account categories, and reinforce regulatory compliance, while simultaneously promoting the development of new banking relationships within Pakistan’s financial system.