National Savings announces ‘Student Welfare Bond’
This was stated by Director General National Savings, Zafar Mehmood during a meeting with delegation of National Youth Assembly.
He said, “The purpose of introducing this Bond is to create the propensity of savings among youth; the 62 percent of the total population”, says a press release here Monday.
Zafar Mehmood said Student Welfare Bond would promote the habit of small savings among the students, and each bond would be issued before two months proceeding the date of draw should qualify for a prize.
“This programme would be run under Public Debt Act 1944 and the ratio of taxation would be levied according to the existing law”, he further informed.
He further said one saving bond would be of Rs 100 and there is no upper limit on its buying, adding that this scheme is not intended for generating money but to promote saving culture in youth.
Lucky draw of the Students Welfare Bonds will be held after each quarter and maximum prize of these bonds would be Rs 700,000, along with other small prizes.
Zafar Shaikh said that the National Savings Organization was fully committed to provide maximum relief to small savers as the organization provides market-based return to small and middle class savers by introducing the prize bond of lowest denomination.
It would not only reduce dependency of the government on external borrowings but would also help students meet expenses incurred on their studies, he said.
The delegation of National Youth Assembly led by President, Hanan Ali Abbasi, has proposed some useful suggestions apropos to Student Welfare Bond.
The President NYA highly appreciated the step taken by the National Savings and commented, “it was our longstanding desire to stabilize the youth of the country financially at governmental level, and I feel that it is a first step towards achieving financial wellbeing of students”.
During this meeting, a comprehensive media campaign for creating awareness has been devised. According to the plan, an exclusive TV ad shall be shot. Besides that it is also decided that print, electronic and social media will be utilized for the purpose.
“The National Youth Assembly will go in great lengths to create general awareness in more than 100 districts of the country, where we are operative in a full-swing”, said Hanan Abbasi. Hanan also urged to initiate Gramin Bank-like projects to encourage the micro financing in the country.
The Youth-Minister for Science and Technology, Asim Nawaz, and Member National Youth Assembly, Raja Yasir Ayoub, at this occasion, said, “this is a positive step of improving saving and promoting culture of saving in youth through the saving instrument”.
They also proposed that the government should also introduce Student Education Bonds, which would be used to help the students to foot the bill for their education.
The Director General, Zafar M. Shaikh, agreed upon nominating ‘Goodwill Ambassadors’ from the national/international achievers of National Youth Assembly.
He said, “National Youth Assembly can help the National Savings Organization to publicize its youth-welfare and youth- centric scheme Student Welfare Bond by using its broad network 0across the country”.