Regulatory Alerts2026-03-24 | FD Circular Letter No.02Standard Operating Procedures (SOPs) for Investment in Conventional and Shariah Compliant Naya Pakistan Certificates (NPCs)
The Government of Pakistan’s Finance Division has issued amended Naya Pakistan Certificate Rules to expand investor eligibility for both conventional and Shariah-compliant certificates. The revised criteria permit non-resident natural and juridical persons holding Foreign Currency Value, Foreign Currency Business Value, Non-Resident Pakistani Rupee Value, or Non-Resident Business Rupee Value accounts to purchase these instruments. All designated agent banks must implement these updated standard operating procedures and ensure strict compliance with the expanded eligibility framework.
Circulars/Notifications / Finance Department
FD Circular Letter No. 02 of 2026
March 24, 2026
The Presidents / Chief Executives All Agent Banks
Dear Sir/Madam,
Standard Operating Procedures (SOPs) for Investment in Conventional and Shariah Compliant Naya Pakistan Certificates (NPCs)
Please refer to Finance Department Circular No. 3 of 2020 dated September 11, 2020 regarding Standard Operating Procedure for Investment in Conventional Naya Pakistan Certificates and Finance Department Circular No. 7 of 2020 dated October 22, 2020 regarding Standard Operating Procedures for Investment in Islamic Naya Pakistan Certificate.
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In this regard, all agent banks are hereby informed that Government of Pakistan, Finance Division (External Finance Wing), vide Gazette notifications No. S.R.O. 482(I)/2026 dated March 16, 2026, (Annexure-A) and Gazette notifications No. S.R.O. 483(I)/2026 dated March 16, 2026 (Annexure-B ), has notified amendments to the Naya Pakistan Certificate Rules.
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In terms of aforesaid amendments, eligibility criteria applicable to investors in NPCs has been revised, whereby, non-resident persons, whether natural or juridical, eligible to open, operate and maintain Foreign Currency Value Account (FCVA), Foreign Currency Business Value Account (FCBVA), Non-Resident Pakistani Rupee Value Account (NRVA) and Non-Resident Business Rupee Value Account (NRBVA) shall be eligible to purchase the NPCs of both conventional and shariah compliant variants.
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Agent Banks are advised to ensure compliance with the above instructions.
Please acknowledge receipt.
Yours faithfully,
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( Qader Bakhsh )
Director