CDNS issues new bonds of Rs 950 billion by April 30
ISLAMABAD: The Central Board of National Savings (CDNS) announced on Saturday that it had achieved its target of issuing 950 billion rupees of new bonds in the last 10 months of the current financial year 2021-22 from July 1 to 30 april.
The CDNS has set an annual gross revenue target of 980 billion rupees from July 1 to June 30 of the previous financial year 2020-21 to promote savings in the country, a CDNS official has said.
He said the CDNS had set an annual collection target of Rs 250 billion from July 1 to June 30 for the year 2020-21, compared to Rs 352 billion for the previous year (2019-20) for the same. period in order to improve savings in the country.
The CDNS had set an annual collection target of 352 billion rupees for the year 2019-20, compared to 350 billion rupees for the previous year (2018-19), he said.
Responding to a query, the official said that CDNS has decided to launch Islamic finance and will start implementing its procedural work from next month to provide the facility of Islamic finance in the institution.
“In this regard, as part of Islamic Shariah compliance, award bonds and savings certificates will be issued for investment in accordance with Shariah principles.”
He informed that CDNS would provide Islamic investment opportunities to its consumers in an institution like the rest of the private and public banking sector, where Islamic Shariah business had now reached 20%.
The official said the savings has started working to increase new investment opportunities and promote digital investment through many new projects. “The CDNS, in collaboration with the State Bank of Pakistan (SBP), is developing digital price bonds, which will be available through online electronic channels.”
He said the CDNS was in the process of launching its first mobile application for online purchase and cashing out of National Savings Plans.
The official said the savings will adopt RAAST in the current month of January for rapid flow of funds through its financial tributaries. “CDNS initially opened three separate accounts in SBP to avoid/stop direct access to Non-Food Account-1 for its Alternate Delivery Channel (ADC) operations, 1Link Payment, UPI Payment, and RAAST Payment.”
He added that the Finance Division would allocate a budget cap on a daily basis and that the CDNS would operate within the allocated funds.
As a result, the GFP law of 2019 is adopted in its true spirit for alternative savings distribution channels. He informed that the CDNS interest rates are tied to the GDP policy set by the SBP, adding that the CDNS has opened up new avenues for public and private investment to document the country’s economy and ensure transparency of the economy. financial system.
Responding to another question on the current revision of the profit rates of the CDNS certificates, the official said that the CDNS had maintained the same interest rate on the investment of the savings certificates due to the market situation and in accordance to the political decision of Pakistan Investment Bonds (GDP).