ROSHAN Digital Accounts (RDA) are meant only for overseas Pakistanis working abroad. One of the incentives of RDA is that if the account holders invest in Pakistan’s property market by remitting funds through RDA, they are allowed to repatriate the funds received by them from the sale of that very property.

My son, who is working abroad, got a one kanal plot in Overseas Enclave, Phase 7, Defence Housing Authority (DHA), Lahore, through a ballot held by the DHA in 2020. He made all the due payments through RDA with a local bank.

He sold the plot in July this year, and wanted to repatriate the sale proceeds through RDA, but has not been able to remit the funds abroad so far. More than a month has passed, but approval from the relevant department of the local bank has not yet been granted.

This is a seriously discouraging and disappointing situation for an overseas Pakistanis. The State Bank of Pakistan (SBP) should look into the matter of repatriation of funds from sale of property by overseas Pakistanis who had invested in Pakistan’s property market through RDA.

The procedure for repatriation through RDA must be made simple as well as expeditious to make it efficient.

The delays in the repatriation of funds will surely discourage overseas Pakistanis and, hence, affect adversely the much needed inflow of foreign exchange.

Ejaz Ahmad Magoon
London, UK

Published in Dawn, September 13th, 2024