Old, disabled getting opportunity to buy Poribar Sanchayapatra
Wednesday, 25 July 2012
Arafat Ara
Elderly and physically challenged people are going to have the opportunity to invest in the state-run Poribar Sanchayapatra scheme, an official said.
The finance division has already approved the proposal of the Internal Resource Division (IRD) on bringing the two groups under savings instrument, said the official.
He said a circular will be issued within this month and it will be effective from July 1.
Presently, only the women can buy Poribar Sanchayapatra. The rate of return for Poribar Sanchayapatra is 13.45 per cent, the highest for any government savings instrument.
Earlier, the IRD proposed the finance division to introduce four new savings schemes to attract new groups of people for savings instrument and to help lower the government's borrowing from the banking system.
The proposed new savings instruments were Sanchayapatra for elderly people, Sanchayapatra for farmers, Sanchayapatra for students and Sanchayapatra for disabled people.
But the government has not introduced new schemes but brought the elderly and physically challenged people under Paribar Sanchaypatra scheme.
All the old-age and disabled men and women can invest to the savings instrument, said an official of the Directorate of National Savings (DNS).
Following the government decision allowing the new two groups to buy the Paribar Sanchaypatra, the sales of the scheme will increase significantly, said the official.
Now Paribar Sanchaypatra is the best seller among the government's savings instruments.
The DNS sold Paribar Sanchaypatra amounted to Tk 71.27 billion of the total sales of the savings certificates at Tk 189.55 in the fiscal year 2011-12.
Earlier in February last, the finance division raised the rates of return on all existing savings tools by up to 2.64 per cent in a bid to attract investments in the instruments.
But the 5.0 per cent tax at source, which was imposed in the last fiscal year, has remained unchanged.
The government's internal borrowing from the savings certificates has been proposed at Tk 74 billion in the budget of this fiscal year.
Economists fear if the target of net sales of the savings schemes is not met, then the government might have to cut its expenditures or borrow more from banks.
The net sales of the savings schemes stood at Tk 4.78 billion in the last fiscal year, down from Tk 20.56 billion of the previous fiscal year, according to the data released by the DNS.
Elderly and physically challenged people are going to have the opportunity to invest in the state-run Poribar Sanchayapatra scheme, an official said.
The finance division has already approved the proposal of the Internal Resource Division (IRD) on bringing the two groups under savings instrument, said the official.
He said a circular will be issued within this month and it will be effective from July 1.
Presently, only the women can buy Poribar Sanchayapatra. The rate of return for Poribar Sanchayapatra is 13.45 per cent, the highest for any government savings instrument.
Earlier, the IRD proposed the finance division to introduce four new savings schemes to attract new groups of people for savings instrument and to help lower the government's borrowing from the banking system.
The proposed new savings instruments were Sanchayapatra for elderly people, Sanchayapatra for farmers, Sanchayapatra for students and Sanchayapatra for disabled people.
But the government has not introduced new schemes but brought the elderly and physically challenged people under Paribar Sanchaypatra scheme.
All the old-age and disabled men and women can invest to the savings instrument, said an official of the Directorate of National Savings (DNS).
Following the government decision allowing the new two groups to buy the Paribar Sanchaypatra, the sales of the scheme will increase significantly, said the official.
Now Paribar Sanchaypatra is the best seller among the government's savings instruments.
The DNS sold Paribar Sanchaypatra amounted to Tk 71.27 billion of the total sales of the savings certificates at Tk 189.55 in the fiscal year 2011-12.
Earlier in February last, the finance division raised the rates of return on all existing savings tools by up to 2.64 per cent in a bid to attract investments in the instruments.
But the 5.0 per cent tax at source, which was imposed in the last fiscal year, has remained unchanged.
The government's internal borrowing from the savings certificates has been proposed at Tk 74 billion in the budget of this fiscal year.
Economists fear if the target of net sales of the savings schemes is not met, then the government might have to cut its expenditures or borrow more from banks.
The net sales of the savings schemes stood at Tk 4.78 billion in the last fiscal year, down from Tk 20.56 billion of the previous fiscal year, according to the data released by the DNS.