The State Bank of Pakistan (SBP), the central bank of Pakistan, clarified on Monday that Foreign Currency Accounts (FCA) Rules, 2020 will not apply on Roshan Digital Accounts.
New FCA Rules have created confusion among account holders which compelled the central bank to issue two clarifications. SBP stated in a tweet today that FCA Rules 2020 will not apply on Roshan Digital Accounts as RDA is a ‘distinct scheme’ with its own framework.
“RDA offers NRPs lifestyle banking in Pakistan: bill payment, transfer, cash withdrawal, and attractive $ and PKR investment opportunities. Funds in these accounts can be remitted back from Pakistan anytime without needing any approval,” the tweet stated.
SBP issued first clarification on Saturday that new Foreign Currency Account Rules 2020 rules would not affect general or special permissions granted by the central bank. “According to paragraph iv, Chapter 6 of the FE Manual, FCAs can be fed by remittances, travelers’ cheques and encashment of securities issued by GoP. It can also be fed with cash if the resident Pakistani account holder is a filer as defined in Income Tax Ordinance, 2001,” the central bank explained in another tweet.