Circulars/Notifications - Exchange Policy Department  
 EPD Circular Letter No. 10 of 2021

August 27, 2021

The Presidents/Chief Executives of
All Authorized Dealers in Foreign Exchange

Dear Sir/Madam,

Amendment in Instructions regarding NRP Rupee Value Account (NRVA)

          Attention of Authorized Dealers (ADs) is invited to FE Circular No. 1 dated August 5, 2020 and subsequent amendment made vide EPD Circular Letter No. 1 dated February 10, 2021.

2.        In terms of Para 2- III (iv(a)) of the above circular, investment is allowed from NRP Rupee Value Account (NRVA). In order to provide further investment opportunities to NRVA holders, it has been decided to allow investment in shares of un-listed companies and units of Private Equity Funds in Pakistan from NRVA. Moreover, investment in real estate has also been allowed through financing in Pakistan, from the banks offering RDAs. Accordingly, the following amendments have been made in the existing regulations:

i)     Para 2-III (iii(c)) of the above circular has been replaced with the following:
‘c. Profit/ return on the eligible investments made through NRVA as mentioned at sub-para (iv) (a) below, and disinvestment/maturity proceeds of these investments.’

ii)   New sub paras 6 & 7 have been added after sub para 5 Para 2-III (iv a)).
6. Shares of companies not listed on stock exchange(s) in Pakistan.
7. Units of private funds established and operated by Private Fund Management Company licensed by SECP to provide private equity and venture capital fund management services.”

iii)   Existing sub para 3 of Para 2-III (iv a)) has been replaced with the following:
        ‘3. Residential and commercial real estates, either through self-financing or bank’s financing in Pakistan provided that in case of bank financing the repayment of loan should be made through NRVA.’

Consequently, the procedure for investment through NRVA, mentioned under Para 2-III (iv-a)) of FE Circular No. 01 of 2020, has been replaced with the following:

The transfer of funds for the above investments shall be allowed by the ADs through the special instructions received from the account holder in this behalf. For investments mentioned at (1),(2),(5), (6) & (7) above, the procedure prescribed for investment/ disinvestment in Chapter 20 of the Foreign Exchange Manual shall be followed while for investment mentioned at (3) above, the terms and conditions prescribed at Annexure-A, at the end of this chapter, shall be followed.

3.         Further, in order to facilitate NRVA holders, it has been decided that Authorized Dealers may allow credit of funds received on account of profit and premature /maturity proceeds of Pakistan Banao Certificates (PBCs) into the PBC holder’s own NRVA. Keeping in view the above changes, the Annexure- A and B have also been revised and attached herewith for necessary compliance.

4.         All other instructions on the subject matter shall remain unchanged. ADs are advised to bring the above instructions to the knowledge of all their constituents for meticulous compliance.

Encl: As above


Yours truly,


(Arshad Mehmood Bhatti)

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