Daily Times

The Central Directorate of National Savings (CDNS) surpassed the annual target and achieved the target of Rs 1.6 trillion in fresh bonds in the current fiscal year from July 1st to June 30th, 2022-23. “The CDNS has set a reviewed saving target of Rs 1.4 trillion for the current financial year (2022-23) which will “promote the savings culture in the country,” the senior official of CDNS told APP here on Monday. In view of the current market trend in the country, the ambitious target had been set to further improve the savings culture, he said. Responding to a question, he said the CDNS surpassed its annual target in the previous fiscal year and set a historic record of Rs 1,250 billion in savings till June 30, 2022. It had set an annual gross receipt target of Rs 980 billion from July 1 to June 30 of the previous financial year 2020-21 to promote savings in the country. The senior official said the CDNS had set a Rs 250 billion annual collection target from July 1 to June 30 for the year 2020-2021 as compared to Rs 352 billion during the same period for the previous year (2019-20) to enhance savings in the country. The CDNS had set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 350 billion for the previous year (2018-19), he added. Replying to another query, he said CDNS had reviewed and set a target of Rs 70 billion in the fiscal year (2022-23) for Islamic investment to introduce the new products in the market. In the current financial year, CDNS would achieve the investment target of Rs 70 billion, he maintained. Replying to a question, he said, “The CDNS has digitized National Savings Certificates (NSCs) for the convenience of consumers and to modernize the institutional process.” He said the CDNS and Central Depository Company of Pakistan Limited (CDCP) signed an agreement to start a pilot project for the digitization and dematerialization of NSCs last week. The senior official said, “This will increase investment in National Savings and increase consumers’ confidence.” He said, “This agreement between National Savings and CDCP is a part of the automation and digitization of the institution.”