Regulatory Alerts2026-03-24 | FD Circular Letter No.02 of 2026Added · Updated
Standard Operating Procedures for Investment in Conventional and Shariah Compliant Naya Pakistan Certificates
The Government of Pakistan has amended the Naya Pakistan Certificate Rules to revise investor eligibility criteria. Non-resident persons, whether natural or juridical, who are eligible to open, operate, and maintain Foreign Currency Value Accounts, Foreign Currency Business Value Accounts, Non-Resident Pakistani Rupee Value Accounts, or Non-Resident Business Rupee Value Accounts are now permitted to purchase both conventional and Shariah-compliant Naya Pakistan Certificates. Agent banks are required to ensure compliance with these updated instructions effective upon the March 16, 2026 gazette notifications.
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FD Circular Letter No.02
Standard Operating Procedures (SOPs) for Investment in Conventional and Shariah Compliant Naya Pakistan Certificates (NPCs)
March 24, 2026
/acc/2026/index.htm 10177
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.
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.
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.
Agent Banks are advised to ensure compliance with the above instructions. Please acknowledge receipt.
Yours sincerely,
Qader Bakhsh Director
Home — Circulars — FD Circular Letter No.02
Standard Operating Procedures (SOPs) for Investment in Conventional and Shariah Compliant Naya Pakistan Certificates (NPCs)
March 24, 2026