Govt increases tax on National Saving Scheme returns samaa.tv - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from samaa.tv Daily Mail and Mail on Sunday newspapers.
ISLAMABAD: The Central Directorate of National Saving (CDNS) on Thursday slightly increased profit rates on a three savings instruments with immediate effect.
According to a notification, the return on 10-year defence savings certificates has been increased by 0.06 percentage points to 9.35pc from existing rate of 9.29pc.
Likewise, the return on five-year regular income certificates was jacked up by 0.12 percentage points to 8.76pc from existing rate of 8.64pc.
Similarly, the rate of return on six-month savings certificates has been enhanced by 0.06 percentage points to 7.20pc instead of 7.14pc.
On the other hand, return on all other products including Special Saving Certificates (SSC), Short-Term Saving Certificates (STSC), Saving Accounts, Pension Behbood Accounts, Special Savings Accounts and Shuhada Family Welfare Accounts would remain unchanged.
Profit rates on saving schemes raised tribune.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.com.pk Daily Mail and Mail on Sunday newspapers.
Govt discontinues Rs25,000 bonds
Gives six-month deadline to investors to encash or convert their savings
Pakistanis have invested over Rs739 billion in all types of prize bonds and 22% of the total investment is in Rs25,000 denomi-nation bonds. PHOTO: FILE
ISLAMABAD:
The federal government has discontinued bearer prize bonds of Rs25,000 denomination and has given a six-month deadline to investors to encash or convert their savings of Rs164 billion aimed at addressing concerns of the Financial Action Task Force (FATF).
“New National Prize Bonds of Rs25,000 denomination shall not be sold with immediate effect,” read a finance ministry notification of December 9. It added that those owning the banned prize bonds would have until May 31, 2021 to encash, redeem or get their bonds converted.