On the basis of reducing mark up 0.5 percent by State Bank, the Director General of National Saving Directorate Islamabad has reduced silently the rate of return on investments under its various saving schemes effective from Jan 1, 2013. The step taken by him in this regard is incomprehensible as the nation is already facing hardship in all sectors; regular price hike of daily utilities has made life miserable for the common man.

The investment scheme under BSC/PBA is the only source of income for widows and many pensioners as well as their medical expense. The scheme was initially introduced by the Federal Government, keeping in view the hardship that widows and senior citizens of the country face. This new decision by DG has pushed them into further financial hardship due to uncontrolled inflation in the country. It seems as if the DG makes these irrational decisions as per his own whims just like other institutes such as Ogra. The National Saving Centre is a state owned organization and each and every change should be made in the annual budget by the Federal Government, as it was practiced in the past.

BSC/PBA are two schemes with different returns .Since both the schemes are for ten years maturity the return should be calculated on the basis of maturity period and benefits be added and given to the senior citizen and widows so that they can survive. Lastly, the DG is requested to consider the above request sympathetically and reconsider the rate of return on BSC/PBA and extend relief to the effecters of this scheme. He is also requested to allow issuance of all saving scheme to all schedule banks if otherwise NBP and Post Offices of the country as it was in the past. This will lighten the burden of the saving centres and give relief to the investors.


Lahore, January 9.