Roshan digital
Roshan digital :The first thing that comes to mind when opening a bank account is to make a set of required documents, fill out the form, sign it and put your thumbprint, and if you are abroad, go to the consulate and endure longer labor. included.
But this month, Pakistan has introduced a similar facility after which you can sit in the United States, Canada, or Dubai and pay the electricity bill and children's fees of your homes in Karachi, Lahore, or Islamabad.
In other words, you can now run your own household finances in Pakistan from across the ocean.
Prime Minister Imran Khan inaugurated Roshan Digital Account on the 10th of this month for the convenience of Pakistanis abroad and asked them to invest in various sectors in the country.
Through Roshan Digital Accounts, non-resident Pakistanis will now be able to open accounts digitally and online without having to go to a Pakistani bank branch, embassy, or consulate abroad. This process can be completed in just 48 hours.
Customers can choose Foreign Currency or Pakistani Rupee or both for their account. Funds will be fully transferred back to these accounts and will not require any regulatory approval.
It should be noted that about 9 million Pakistanis are currently living abroad and they send 23 23 billion in remittances to Pakistan annually to support their families. Now, the government believes that this bright digital account will further increase remittances, which will also reduce the debt burden.
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The State Bank of Pakistan has teamed up with eight such Pakistani commercial banks to introduce a digital account system for the convenience of Pakistanis abroad.
Before explaining how to open an account, it is important to know the names of the eight banks where you can open an account at home.
These include Bank Al-Falah, Faisal Bank, Meezan Bank, MCB, Samba Bank, Standard Chartered, UBL, and Habib Bank.
How to open an account?
Bank Choice: Choose one of these eight banks first
Fill out the form: Go to the bank's website, click on the digital account opening form and fill it out.
Account Type: Then you have to choose your account type whether you want to open this account in Pakistani currency or it is your preference for another country's currency.
Documentary Evidence: The bank will ask you for your passport, identity card, proof of residency, and source of income, ie business or employment. You will need to upload a scanned copy of these documents
Proof of source of income: If you are employed, then you need to upload a salary slip or a scanned copy of the employment certificate. If you are a businessman, then you will need to submit a tax return, house rent, or other proof of source of income.
Confirmation Message: Now that you've done all this, wait 48 hours for the account confirmation message to be opened.
Money Transfer: Once the bank account is opened, you can transfer funds to your account through the bank from the country in which you are.
Digital Account: 'Investment Opportunities'
Addressing the inauguration ceremony of Roshan Digital Account to provide banking facilities to Pakistanis abroad, Prime Minister Imran Khan said that Roshan Digital Accounts has been instrumental in providing funds to millions of non-resident Pakistanis for fund transfers, bill payment, and investment-related activities in Pakistan. Will provide modern banking facilities.
Imran Khan said, "I want to say that Overseas Pakistanis are more patriotic. Overseas Pakistanis have not been able to help us in the way they should have." In our country, a person with dual citizenship is considered a traitor. We will ensure the investment of immigrants in big projects.
Prime Minister Imran Khan said that more than half of the country's tax money goes to the repayment of loans.
Muzammil Aslam, an economist, told that it was a product of the 21st century, which could benefit Pakistan immensely. According to him, the government's move will make it easier for Pakistanis abroad to keep their money in these accounts at reasonable interest rates.
According to him, Pakistanis living abroad will be allowed to withdraw their money whenever they want without government permission. According to Muzammil Aslam, the number of documents required for this process is high so that miscreants cannot use these accounts for their activities and to ensure transparency of these accounts as per the FATF requirements.
State Bank of Pakistan Governor Baqir Raza has also confirmed in a video message that when one wants to withdraw money from a digital account, no bank, including the SBP, will be a hindrance.
According to Baqir Raza, the New Pakistan Certificate Scheme will also provide attractive opportunities for Pakistanis abroad to invest in dollars and Pakistani rupees.
According to SBP Governor Baqir Raza, apart from a property business, Pakistanis abroad will also have the opportunity to invest in Pakistan's stock exchange with the help of digital accounts.
According to Muzammil Aslam, the possibility of increasing foreign exchange reserves from this account has also become clear.
In his opinion, He thinks that if the interest rate in foreign countries is close to zero at present, then Pakistanis abroad will have the facility to keep their money in Pakistani banks, which will not only benefit them but also the country.
Muzammil Aslam says that Pakistan has been relying on countries like Saudi Arabia to maintain the balance of foreign exchange, but they kept money on strict terms, charged high interest rates, and then withdrew money at any time. , Which did not benefit Pakistan in the long run. In his view, Pakistan has now chosen the right direction.