CDNS achieves target of Rs375b

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Islamabad

The Central Directorate of National Savings (CDNS) has achieved a collection net target of Rs 375 billion in the current fiscal year by June 25.
CDNS has set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 350 billion for the previous year’s 2018-19 to enhance savings and promoting saving culture in the country, a senior official of CDNS told APP here on Monday.
The directorate has also revised and increased the gross target of Rs1570 billion for the fiscal year 2019-20, he said.
The senior official said due to the rationalization of CDNS certificates’ rates, the directorate had collected more savings than expected, therefore CDNS revised its target upward from Rs 224 to 324 billion for FY 2018-19.
Replying to a question on current revision of CDNS certificate profit rates applicable from June 02, 2020, he said CDNS has reduced the interest rate by 1 percent on the savings certificates investment due to lower rates of Pakistan Investment Bonds (PIB).—APP