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Debt retirement plan: SBP says some deposits still remain unpaid

KARACHI: The State Bank of Pakistan (SBP) on Wednesday said it had come to its notice that some of the deposits with banks under the National Debt Retirement Programme (NDRP)-II are pending or still unpaid.

All such depositors may approach their respective branch of banks along with original receipt/certificate for encashment of their deposits under the NDRP-II (Qarz-e-Hasna), said the central bank in a press release.

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It also advised commercial banks to facilitate the claimants and encash the deposits after due verification in accordance with the respective rules and procedures.

The banks after making payments will claim reimbursement from the SBP against the deposit of paid documents and instruments.

Pakistan government had launched the NDRP with a view to discharging the ever-increasing national debt liabilities. Amounts in the NDRP were to be accepted from an individual, company, body and institution under the categories of donation (NDRP-I), Qarz-e-Hasna (NDRP-II) and term deposit (NDRP-III).

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

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After two years, the depositors were able to encash their deposits at par in case of NDRP-II and as per terms and conditions of SSC/DSC for deposits under NDRP-III.

Published in The Express Tribune, March 30th, 2017.

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courtesy : express tribune



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