Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
NSS achieves Rs60bn investment target
11-09-2009, 05:18 AM
Post: #1
NSS achieves Rs60bn investment target
ISLAMABAD: Investment in National Savings schemes is growing at a faster pace, and during the first quarter of the current fiscal year (2009-10), the institution achieved a net investment target of Rs60 billion.

Since November 2007, the National Savings secured investment worth Rs400 billion, registering a growth of 40 per cent, and with this, the Organisation has become a major source of revenue generation within the country.

National Savings Director-General Zafar M Shaikh, who took over the reigns three years ago, told Dawn target set by the government at Rs240 billion for the entire fiscal year would not only be achieved, but efforts were under way to surpass the target. Mr Shaikh said all-out efforts would be made to play the role assigned by the government to raise the level of much-needed revenue by the country.

With this high performance, the National Savings has turned into a financial institution, not only as a ‘house of collection’ of revenue for the government, but has emerged as a reliable source of investment by the public.

Despite this fact, the National Savings is still functioning under the bureaucratic clutches of the ministry of finance. Though proposals were under study to make the organisation an independent financial institution, no progress has been made during the last several years.

Encouraged by the public interest in the schemes, the National Savings Organisation has planned to launch three to four new schemes, namely Regular Income Certificate (RIC) and Special Savings Certificate having the profit rate of 12 and 11.67 per cent, respectively.

With more investment coming in, the rate of profit may increase as compared to the profit being offered by the commercial banks.

Other schemes of the Saving Organization include Defence Saving Certificates and Bahbud Saving Certificates. In addition, public were also benefiting from Saving Accounts, Special Saving Accounts, Pensioner’s Benefit Accounts.

In view of growing investments, the Organisation has decided to expand network of Saving Centres throughout the country.

The finance ministry has approved a project of National Savings under which all centres would be gradually automated.


http://www.dawn.com/wps/wcm/connect/dawn...rget-hh-06
Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  The China-Pakistan Economic Corridor (CPEC) Achieves Milestones: 36 Projects Worth US LRE-Azan 0 639 01-06-2024 05:23 PM
Last Post: LRE-Azan
  IMF Approves Pakistans Rs 9415bn Tax Target Mini-budget Ruled Out LRE-Azan 0 522 11-14-2023 02:57 PM
Last Post: LRE-Azan
  Pakistan should target to become moderately developed country: Latest News LRE-Azan 0 4,231 09-11-2018 02:53 PM
Last Post: LRE-Azan
  Punjab sets 1,000 megawatts power generation target in a year Salman 0 7,779 08-22-2013 12:17 PM
Last Post: Salman
  Clean and Green Islamabad : CDA’s campaign achieves maximum goals Salman 0 5,744 06-10-2013 12:31 PM
Last Post: Salman
  $15bn trade target set for 2015 is achievable’ Salman 0 4,600 04-16-2013 12:55 PM
Last Post: Salman
  LDA ‘achieves’ 100pc target Salman 0 4,458 01-02-2012 12:52 PM
Last Post: Salman
  Pak-Turk PTA may achieve $2bn trade target Salman 0 4,918 12-14-2011 11:49 AM
Last Post: Salman
  Confessions of MQM Serial/Target Killer (Ajmal Pahari) LRE 0 4,929 09-08-2011 02:39 PM
Last Post: LRE
  Tax collection target set at Rs 1.96 trillion Lahore_Real_Estate 0 4,167 06-04-2011 12:41 PM
Last Post: Lahore_Real_Estate
  FBR target pegged on indirect taxes Lahore_Real_Estate 0 4,402 06-04-2011 12:32 PM
Last Post: Lahore_Real_Estate
  LDA exceeds target in collecting commercialisation fee Lahore_Real_Estate 0 4,191 05-25-2011 02:42 PM
Last Post: Lahore_Real_Estate
  Sherry next target? Lahore_Real_Estate 0 4,067 01-05-2011 06:31 PM
Last Post: Lahore_Real_Estate
  mqm Involved in Target Killing LRE 4 12,153 12-14-2010 10:53 AM
Last Post: LRE
  Match Fixing: Target Killing (Abbas Ather) LRE 1 6,625 09-11-2010 12:50 AM
Last Post: LRE
  Punjab govt fails to achieve land revenue target Lahore_Real_Estate 0 4,958 05-26-2010 10:30 AM
Last Post: Lahore_Real_Estate
  india test fires agni3, China @ Target! LRE 1 6,452 02-15-2010 10:23 PM
Last Post: LRE
  Next US Target? LRE 0 4,002 02-04-2010 01:22 AM
Last Post: LRE
  Jewish Protocols: Jews Heading To Second Target LRE 0 5,163 01-16-2010 02:06 PM
Last Post: LRE
  America Financing Both Sides in Afghanistan; Blackwaters after "Big Target" LRE 0 4,033 01-12-2010 09:45 PM
Last Post: LRE

Forum Jump:


User(s) browsing this thread: 1 Guest(s)