Defence and Special Saving Certificates sale suspended

KARACHI (June 17 2003) : The State Bank of Pakistan on Monday suspended the sale of Defence Saving Certificates (DSCs) and Special Saving Certificates (SSCs) through the outlets of all scheduled banks, effective from June 15, 2003.

“It has been decided by the government to suspend the sale of DSCs and SSCs through the outlets of all the scheduled banks with effect from 15th June 2003, till further orders,” said a letter issued by the State Bank to all scheduled banks.

However, the letter also makes it clear that the payment of profits and encashment of proceeds on the existing certificates would continue to be paid through the offices of issue as per the present arrangement.

The sale of DSCs and SSCs through the authorised bank branches of HBL and UBL operating in UAE will continue as per existing arrangement for overseas Pakistanis.

The decision was expected as Finance Minister Shaukat Aziz had earlier cautioned about the misuse of the National Saving Schemes.

The government had come to know that some borrowers were getting money from banks at cheaper rates and investing in the NSS for higher return.

The Governor of State Bank, Dr Ishrat Husain, on June 3, had said that the government was aware that a very large number of people were misusing these schemes.

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