2pc increase on Pakistan national saving certificates for selected customers challenged

ISLAMABAD: The Human Rights Society of Pakistan (HRSP) has approached the Wafaqi Mohtasib against the National Savings discriminatory decision of two per cent profit increase on Regular Income Certificates (RICs) purchased after June 24, 2008.Secretary General HRSP, A M Shakoori, told the APP here on Sunday that the society had approached the Wafaqi Mohtasib in this regard. Our petition was admitted for hearing last week, he added.

The customers, who had purchased RICs worth millions of rupees, would not benefit from the two per cent increase until they get their RICs encashed and redeposit them. In case, the RIC customers encash their RICs, they would have to bear a loss of Rs 2,000 on each Rs 100,000 investment.

The National Savings certificate holders, especially widows, senior citizens and pensioners have appealed to the finance minister to also allow the two per cent increase on all the RICs purchased prior to June 24, 2008.

 

Source: The News, 28/7/2008

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