Banks advised to encash deposits under national DEBT retirement program

The State Bank of Pakistan has advised the commercial banks to facilitate the claimants of depositors under national debt retirement program and encash the deposits after due verification in accordance with respective rules & procedures. The banks after making the payments will claim reimbursement from SBP against the deposit of paid documents and instruments etc. It has come to our notice that some of the deposits with banks under NDRP-II are pending or still unpaid. All such depositors may approach their respective branch of banks along with the original receipt/certificate for encashment of their deposits under NDRP-II (Qarz-e-Hasna).

It may be recalled that Government of Pakistan launched National Debt Retirement Program (NDRP) with a view to discharge the ever increasing national debt liabilities. Amounts in NDRP were to be accepted from an individual, firm, company, body and institutions etc. under the categories of Donations (NDRP-I); Qarz-e-Hasna (NDRP-II) and Term Deposit (NDRP-III)
The deposits under NDRP-I (Donations) were non-refundable whereas deposits under NDRP-II and NDRP-III were for a minimum period of two years.

Depositors were issued a receipt/certificate against deposits under NDRP-II by banks and Special Saving Certificates (SSC) /Defence Saving Certificates (DSC) were issued against deposits under NDRP-III by Central Directorate of National Savings, Ministry of Finance.

Published in Pakistan Observer, March 31^st, 2017