CDNS investors en-cash Rs65b from prize bond of Rs40,000



The investors have withdrawn Rs 65 billion out of total stock of Rs 259 billion investment from Central Directorate of National Savings (CDNS) after the federal government decision to discontinue the Rs. 40,000 prize bonds.
The National Savings aspect after the government decision may the investment the prize would as low to Rs 40 billion by end of the current month of August, senior official of CDNS told APP here. He informed now remaining the Rs 40,000 prize bonds offered by the CDNS was Rs 194 billion, which aspect to decrease more in coming months after people withdraw their investments from banks.
The government has freeze the prize bond of Rs 40,000 in previous months, when the State Bank of Pakistan (SBP) has issued circular and directed to all commercial banks to stop selling Rs40, 000 prize bonds from June 24 onwards. According to the notification the SBP directed that national Prize Bonds of Rs40, 000 denominations shall not be sold after June 24, and will not be encashed or redeemed after March 31, 2020. Replying to question, he said the CDNS has achieved a net target of Rs 22 billion by August 20, of current fiscal years 2019-20. The CDNS has set Rs 350 billion annual net targets for the year 2019-20 as compared to Rs. 324 billion for the previous year’s 2018-19 to enhance savings and promoting saving culture in the country, the official said.—APP