Roshan pakistan bank account

[Baz2020]

I was thinking of getting a bank account under roshan pakistan scheme. So that I could have money accessible when visiting Pakistan and also parking some money with a view of investing of buying property when I visit there.

However, I am a bit uncomfortable in that I am not sure that the money will be safe in Pakistani banks. I have a trust deficit. I don't want zakat to be taken off my account without my permission forcefully. I don't want. Policy change rendering my money stuck.

What are the thoughts of learned pdf members especially overseas ones

 

[Baby Leone]

Pakistan financial system is the most secured and money cant be stucked you are talking about a country's financial system as if you are talking about your local shop.

 

[Bilal.]

I was thinking of getting a bank account under roshan pakistan scheme. So that I could have money accessible when visiting Pakistan and also parking some money with a view of investing of buying property when I visit there.

However, I am a bit uncomfortable in that I am not sure that the money will be safe in Pakistani banks. I have a trust deficit. I don't want zakat to be taken off my account without my permission forcefully. I don't want. Policy change rendering my money stuck.

What are the thoughts of learned pdf members especially overseas ones

Start small and as your confidence increases you can invest more. Plus if you use it just as a vehicle to move money into investments like stocks, property, etc. then the question of it being stuck does not arise.

 

[Baz2020]

Pakistan financial system is the most secured and money cant be stucked you are talking about a country's financial system as if you are talking about your local shop.

It's, Pakistan not United Kingdom. Anything is possible in pk. A policy change. 'we need billion dollar immediately so we are freezing overseas Pakistanis accounts'

 

[Baby Leone]

It's, Pakistan not United Kingdom. Anything is possible in pk. A policy change. 'we need billion dollar immediately so we are freezing overseas Pakistanis accounts'

lol if you have so much concerns keep your money in UK.
instead of asking stupid illogical questions here.

 

[Morpheus]

I was thinking of getting a bank account under roshan pakistan scheme. So that I could have money accessible when visiting Pakistan and also parking some money with a view of investing of buying property when I visit there.

However, I am a bit uncomfortable in that I am not sure that the money will be safe in Pakistani banks. I have a trust deficit. I don't want zakat to be taken off my account without my permission forcefully. I don't want. Policy change rendering my money stuck.

What are the thoughts of learned pdf members especially overseas ones

You can sign a affidavit as to why you don't want zakat to be taken out. Zakat is only taken from saving accounts, not current account.

As for security, Pakistani bank are crazy secure. If I want to reset my online password, they lock my account and I have to call to verify my identity, before I can even change the password. Same for three time wrong password.

Just practice safe online practices, and nothing will happen. Don't use public computers to login to your bank account, don't make purchases on dodgy websites, etc

 

[Enigma SIG]

I was thinking of getting a bank account under roshan pakistan scheme. So that I could have money accessible when visiting Pakistan and also parking some money with a view of investing of buying property when I visit there.

However, I am a bit uncomfortable in that I am not sure that the money will be safe in Pakistani banks. I have a trust deficit. I don't want zakat to be taken off my account without my permission forcefully. I don't want. Policy change rendering my money stuck.

What are the thoughts of learned pdf members especially overseas ones

Wait, so you're fine with paying taxes to the British Government but not deduction of Zakat?

To address your concerns, banks are crazy secure. It is you who is the weak link. Bank can't help you if you give your credentials on the phone to an unknown person. That would be totally on you. Just try logging into a bank portal and you'll be dealing with at least 4 OTP's to get a transaction done. Again, doesn't matter if you have a gun to your head; that would be your fault.

 

[ps3linux]

I was thinking of getting a bank account under roshan pakistan scheme. So that I could have money accessible when visiting Pakistan and also parking some money with a view of investing of buying property when I visit there.

However, I am a bit uncomfortable in that I am not sure that the money will be safe in Pakistani banks. I have a trust deficit. I don't want zakat to be taken off my account without my permission forcefully. I don't want. Policy change rendering my money stuck.

What are the thoughts of learned pdf members especially overseas ones

Your concerns are valid policy makers in Pakistan have done that stupidity multiple time last time it was Noora who did it. However, things have changed for the better we are now integrated with international financial system.

I do not know about the mechanics of Roshan Pakistan Account but tell you the truth I am in the financial sector, majority of my financial portfolio is still back in states and Canada. We have Forex account with couple of banks in Pakistan as expats, I have been investing in Pakistan equities, Govt Bond through SCRA for a long time and there has not been a single time when I had difficulty in transferring my money from here to there or from there to here.

As for Zakat, all you need to do is give a Rs.50 stamp paper as affidavit to the bank called "CZ-50" and bank will not deduct Zakat on it, come to think of it I'll have to check whether we submitted Zakat affidavit on our forex account or are we exempt. Not a big deal.

Govt can change the law and confiscate the forex but to me it seems far fetched because banks in Pakistan are mostly private and many are owned by outside Pakistan enterprises. Any Forex coming to my account in one of these banks doesn't come physically, its just an e-transaction, the money in turn is delivered electronically to this bank's Nostro account maintained somewhere outside Pakistan. Its not that the money arrives physically here, so any confiscation by GoP seems pretty far fetched and ridiculous.

I can only share my experience and knowledge but any decision you make is entirely yours, if you don't feel comfortable then don't open an account.

 

[Samlee]

I was thinking of getting a bank account under roshan pakistan scheme. So that I could have money accessible when visiting Pakistan and also parking some money with a view of investing of buying property when I visit there.

However, I am a bit uncomfortable in that I am not sure that the money will be safe in Pakistani banks. I have a trust deficit. I don't want zakat to be taken off my account without my permission forcefully. I don't want. Policy change rendering my money stuck.

What are the thoughts of learned pdf members especially overseas ones

Don't Want Zakat Taken Sign and Submit A CZ 50.And If Your Opening A Current Account Then You Don't Even Need That

Also Your Money Is Safe In Most Banks Except Sindh Bank

 

[Baz2020]

lol if you have so much concerns keep your money in UK.
instead of asking stupid illogical questions here.

Calm down . There is no such thing as a stupid question. and you don't get the point do you? In UK there is FCA that protects your money upto £85K via compensation scheme.

 

[Baz2020]

Your concerns are valid policy makers in Pakistan have done that stupidity multiple time last time it was Noora who did it. However, things have changed for the better we are now integrated with international financial system.

I do not know about the mechanics of Roshan Pakistan Account but tell you the truth I am in the financial sector, majority of my financial portfolio is still back in states and Canada. We have Forex account with couple of banks in Pakistan as expats, I have been investing in Pakistan equities, Govt Bond through SCRA for a long time and there has not been a single time when I had difficulty in transferring my money from here to there or from there to here.

As for Zakat, all you need to do is give a Rs.50 stamp paper as affidavit to the bank called "CZ-50" and bank will not deduct Zakat on it, come to think of it I'll have to check whether we submitted Zakat affidavit on our forex account or are we exempt. Not a big deal.

Govt can change the law and confiscate the forex but to me it seems far fetched because banks in Pakistan are mostly private and many are owned by outside Pakistan enterprises. Any Forex coming to my account in one of these banks doesn't come physically, its just an e-transaction, the money in turn is delivered electronically to this bank's Nostro account maintained somewhere outside Pakistan. Its not that the money arrives physically here, so any confiscation by GoP seems pretty far fetched and ridiculous.

I can only share my experience and knowledge but any decision you make is entirely yours, if you don't feel comfortable then don't open an account.

Thank you for taking the time to reply. Much appreciated!

 

[Baby Leone]

Calm down . There is no such thing as a stupid question. and you don't get the point do you? In UK there is FCA that protects your money upto £85K via compensation scheme.

every country has a regulatory body UK is not special and in Pakistan case we have state bank that gives guarantee for security of your money.

 

[ps3linux]

Thank you for taking the time to reply. Much appreciated!

Just one piece of advise, Never ever give anyone power of attorney to operate your account, moreover, always opt for bi-annual account statement via email.

 

[Pakistansdefender]

I was thinking of getting a bank account under roshan pakistan scheme. So that I could have money accessible when visiting Pakistan and also parking some money with a view of investing of buying property when I visit there.

However, I am a bit uncomfortable in that I am not sure that the money will be safe in Pakistani banks. I have a trust deficit. I don't want zakat to be taken off my account without my permission forcefully. I don't want. Policy change rendering my money stuck.

What are the thoughts of learned pdf members especially overseas ones

Call their helpline and ask the authorities they would guide you better.
Secondly zakar is only cut on the saving account.

 

[Baz2020]

Just one piece of advise, Never ever give anyone power of attorney to operate your account, moreover, always opt for bi-annual account statement via email.

Thanks