May 8

National Saving Schemes facilitation portal launched

KARACHI: The State Bank of Pakistan (SBP) has launched a portal in order to facilitate investors of national savings schemes. The SBP highlighted that Special Savings Certificates (SSCs) with a (maturity period of three years) was launched on February 4, 1990 that offers a unique investment opportunity for small and medium savers to meet their […]

by Faisal Shah

National Saving Schemes: tax rate at 10 percent on profit subject to furnishing certificate

Feb 1

Taxation

National Saving Schemes: tax rate at 10 percent on profit subject to furnishing certificate

ISLAMABAD: Persons deriving profit less than Rs500,000 on national saving schemes are required to provide a certificate in order to get reduced income tax rate at 10 percent, official sources said. Officials at Central Directorate of National Savings (CDNS) said that at present the rate of income tax on profit from national savings scheme is […]

by admin

Banks directed to apply AML/CFT rules on issuance of saving certificates

Sep 17

Money & Banking

Banks directed to apply AML/CFT rules on issuance of saving certificates

KARACHI: State Bank of Pakistan (SBP) on Thursday directed banks to implement anti-money laundering (AML) and Counter Financing for Terrorism (CFT) rules related to issuance of National Saving Schemes (NSS). The SBP said that commercial banks are performing functions of sale, encashment, profit payment etc. of various NSS such as prize bonds, SSC and DSC. […]

by admin

SBP asks banks not to accept institutional investment in saving schemes

Jul 9

Money & Banking

SBP asks banks not to accept institutional investment in saving schemes

KARACHI: State Bank of Pakistan (SBP) on Thursday informed banks about restriction imposed on institutional investment in saving schemes. The central bank said that the Central Directorate of National Savings (CDNS) on July 01, 2020 restricted participation of institutional investors in national saving schemes. In this connection, the SBP advised all authorized commercial banks to […]

by admin

Explaining source of income, annual income made mandatory for NSS investors

Jan 30

Finance

Explaining source of income, annual income made mandatory for NSS investors

ISLAMABAD: The government has made mandatory for investors of National Saving Schemes (NSS) to explain source of income and annual income. The government has notified National Savings Schemes (AML and CFT) Rules, 2019 in order to comply with recommendations of Financial Action Task Force (FATF). Previously, the draft of rules was notified on December 19, […]

by Anjum Shah

Jan 28

Finance

National Savings screening meant to stop ill-gotten money: Finance Division

ISLAMABAD: The Finance Division on Monday said that the screening of all saving schemes is meant to stop any ill-gotten money to become part of financial system and to safeguard the valued investors from the menace of Money Laundering and Terrorist Financing. The Ministry of Finance, while clarifying news reports, said that Central Directorate of […]

by Anjum Shah

National Saving Scheme AML, CFT Rules: Supervisory board constituted for monitoring

Jan 25

Finance

National Saving Scheme AML, CFT Rules: Supervisory board constituted for monitoring

ISLAMABAD: The ministry of finance has constituted supervisory board to provide independent oversight of implementation of National Savings Schemes (AML and CFT) Rules, 2019. The advisory board has been comprised of: 01. Additional Finance Secretary (Budget): Chairman 02. Syed Jahangir Shah, Director, State Bank of Pakistan: Member 03. Ms. Tanzila Nisar Mirza, Additional Director, Securities […]

by Anjum Shah