CDNS achieves net target of Rs182 billion by May ,7.

ISLAMABAD -- The Central Directorate of National Savings (CDNS) has achieved collection net target of Rs182 billion of current fiscal year by May 7, 2019-20.

The CDNS has set Rs352 billion annual collection target for the year 2019-20 as compared to Rs 324 billion for the previous year's 2018-19 to enhance savings and promoting saving culture in the country, senior official of CDNS told reporter here Monday.

The directorate has also revised and increased the gross target of Rs1570 billion for fiscal year 2019-20, he said. Replying to a question, he said CDNS had collected Rs 410 billion by June 30, exceeding the target of Rs 324 billion set for the year while during the preceding year of 2017-18, CDNS collected Rs155 billion.

The total savings held by the CDNS stood at Rs 1,150 billion by June 30 while the directorate had Rs 774 billion savings by the same date, a year ago, he said.

The senior official said due to the rationalisation of CDNS certificates' rates, the directorate had collected more savings than expected, therefore CDNS revised its target upward from Rs224 billion to 324 billion for FY 2018-19.

CDNS revised its target upward from Rs224b to Rs324b for FY 2018-19

He said that the investors of Rs 40,000 prize bonds have withdrawn Rs 254 billion by April 25, out of overall reserve of Rs 258 billion investments in CDNS in these prize bonds. After the decision taken by the Federal government, CDNS had discontinued the specific bond by June 24, 2019, he said.

The State Bank of Pakistan (SBP) had directed that national Prize Bonds worth Rs 40,000 denominations should not be sold after June 24, and would not be encashed or redeemed after May 31...