Govt announces discontinuation of Rs15,000 and Rs7,500 bonds
Business
Thu, Apr 29, 2021
A notification issued by the federal government on Thursday showed that the Rs15,000 and Rs7,500 bonds will be discontinued.
The notification stated that the government will no longer hold draws for the two bonds.
The government said that Rs 15,000 bonds will no longer be cashable after June 30 and the Rs7,500 bonds can only be encashed till December 31.
The notification stated that people who do not wish to cash the bonds can pay an additional amount and convert them into Rs25,000 and Rs40,000 bonds. It also stated that the users can convert those bonds into special savings and defence saving certificates.
National Savings Schemes sees increase in profit rates
By
The government of Pakistan has increased the profit rates on the National Savings Scheme (NSS).
As per the details revealed by the sources, the rate of return on Defense Savings Certificates has been increased from 9.42% to 9.51%, while the rate of return on Special Savings Certificates has been increased from 7.97% to 8.40%.
Sources added that the rate of return on regular income certificates has been maintained at 9%, while the rate of return on welfare, pensioners, and martyrs welfare certificates will remain at 11.28%.
Read more:
Govt raises profit rates on saving certificates
Move aimed at attracting higher investments in government papers
KARACHI:
The federal government has increased the rate of profit in a range of 12-96 basis points on various national saving certificates partly to attract higher investment in the government papers and partly to pass on benefit of rise in returns from Pakistan Investment Bonds (PIBs).
The Central Directorate of National Savings (CDNS), which operates under the ambit of the finance ministry, reinvests the funds received from retail investors into three to 10-year PIBs.
So far, the CDNS has mobilised a meagre investment of Rs28.68 billion in the first five months (Jul-Nov) of the current fiscal year compared to Rs371 billion in the previous full fiscal year 2020, according to the State Bank of Pakistan.
Gold glittered in 2020 with the best return among investment avenues.
The price of a tola of yellow metal at the start of 2020 was Rs88,100. It climbed to Rs113,700 per tola by the last day of the year, providing a return of 29 per cent. It beat the best return of 15.8pc produced in 2019. The price of gold followed the price of the precious metal in the world market where it increased 25pc to $1,894 an ounce, from $1,561, during the year. It was spurred by the massive buying by investors who had fears about the fallout of Covid-19 on the economy. Investors thus ran for cover towards the safe haven of gold. Gold is also the investment of choice for it continues to remain out of the reach of the Federal Board of Revenue (FBR).
Fiscal prudence and prize bonds - Newspaper dawn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dawn.com Daily Mail and Mail on Sunday newspapers.