Govt Proposes Major Overhaul of Naya Pakistan Certificates (NPC) Rules – What Investors Need to Know

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 Govt Proposes Major Overhaul of Naya Pakistan Certificates (NPC) Rule

 The Finance Division has released draft amendments to the Naya Pakistan Certificates Rules, 2020. We break down the new definitions, expanded eligibility for overseas Pakistanis, and what the S.R.O. 2026 means for your investments.

Date: March 25, 2026
Source: Government of Pakistan (Finance Division)


In a significant development for foreign investment and overseas Pakistanis, the Government of Pakistan (Finance Division) has issued a draft notification (S.R.O. (I)/2026) proposing key amendments to the Naya Pakistan Certificates (NPC) Rules, 2020.

Issued from Islamabad on March 14, 2026, these amendments aim to broaden the scope of eligibility, clarify legal definitions, and streamline the sources of funds for investment. The government has invited public suggestions before finalizing these changes.

If you are a non-resident Pakistani, a foreign investor, or a resident with foreign assets, here is everything you need to know about the proposed changes.

Why These Amendments Matter

The Naya Pakistan Certificates have been a cornerstone for attracting foreign remittances. The new draft amendments focus on inclusivity and legal clarity. The key highlights include the introduction of new account types, expanded definitions of "non-residents," and a simplified process for utilizing foreign assets.

Summary of Key Proposed Changes

We have analyzed the draft notification (File No. [Not specified]) to bring you a breakdown of the most critical amendments:

1. New Account Classifications

The government is expanding the types of accounts eligible for investment to facilitate easier fund transfers:

  • FCBVA (Foreign Currency Business Value Account): A new clause introduces this account type, specifically catering to business-related foreign currency holdings under the Foreign Exchange Regulation Act, 1947.

  • NRBVA (Non-Resident Rupee Business Value Account): Similarly, a new definition for PKR business accounts for non-residents has been added.

2. Clearer Definition of "Non-Resident Person"

To remove ambiguity, the draft proposes a specific definition for “non-resident person” .

  • This now explicitly includes juridical persons (legal entities, corporations) incorporated or registered abroad.

  • This means foreign companies and legal entities can now more clearly navigate the eligibility criteria for purchasing NPCs.

Naya-Pakistan-Certificates-(NPC)


3. Expanded Eligibility for Investors

The amendments significantly broaden who can invest:

  • Non-Residents: Any non-resident person (individuals or companies) maintaining accounts (FCVA, FCBVA, NRVA, NRBVA) with authorized banks in Pakistan is eligible to purchase certificates.

  • Resident Pakistanis with Foreign Assets: A major shift is proposed for resident Pakistanis. If you have assets abroad that are duly declared in your latest tax return filed with the FBR, you can now invest through your FCVA (Foreign Currency Account) in Pakistan. This is subject to conditions set by the State Bank of Pakistan (SBP).

4. Simplified Source of Funds (Rule 11)

The proposed Rule 11 simplifies the investment process:

  • Funds must be remitted from abroad into the investor’s designated account (FCVA, FCBVA, NRVA, or NRBVA).

  • This ensures compliance with foreign exchange regulations while making the process uniform across different account types.

5. Protection for Corporate Investors (Juridical Persons)

In a move to attract institutional investment, the draft adds a new sub-rule (Rule 13) regarding dissolution:

  • If a company or corporate entity (juridical person) holding NPCs is dissolved or wound up, the payment of the principal amount and profit will be made or distributed according to the law governing that entity in its country of incorporation.

What This Means for You

  • For Overseas Pakistanis: If you are a non-resident, the process is becoming more streamlined with clear definitions of NRVBAs. You can continue to invest your foreign remittances easily.

  • For Resident Pakistanis: If you hold legitimate foreign assets and have declared them to the FBR, this opens a new avenue to repatriate or utilize those funds for investment in NPCs.

  • For Foreign Investors (Corporate): The explicit mention of "juridical persons" and the clarity regarding dissolution laws make Pakistan a more predictable environment for corporate treasury investments.

Next Steps & Public Feedback

The Finance Division has circulated this draft under sub-section (1) of section 28 of the Public Debt Act, 1944. They have formally invited suggestions from all persons likely to be affected.

If you wish to provide feedback regarding these amendments, you must submit your suggestions to the Federal Government (Finance Division) for consideration before the final rules are enacted.

*Disclaimer: This post is based on the draft notification S.R.O. (I)/2026 issued by the Finance Division on March 14, 2026. Readers are advised to consult with their financial advisors or authorized banks regarding the current regulations and the status of these amendments.*

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