- The displacement eliminates the need for expenses related to printing and logistics.
- Govt to issue digital price bonds from RS500 to RS10,000.
- Can be exchanged via the mobile application, credited on the linked bank account.
Islamabad: In a major decision to document the country’s economy, the financial division asked CDNs (Central Directorate of National Savings) to introduce digital price obligations to approach the vacuum left by stopping the carrier’s price obligations, The news reported on Sunday.
The initiative is particularly remarkable because of its paperless nature which eliminates the need for expenses related to printing and logistics and would improve transparency and responsibility.
In addition, a digital price obligation is recorded under the name of the buyer, who reduces the risk of theft, damage or losses.
This decision would also facilitate access for both purchase and sale, rationalization of the entire process for effective management. According to a summary prepared by the Ministry of Finance for the approval of the competent forums and official documents available with this correspondent, initially, the digital price obligations of RS500, 1,000, 5,000 and 10,000 will be issued in names, as indicated by the financial division from time to time.
A single adult Pakistani citizen can buy it via the National Savings Mobile application or any other channel approved by CDNs.
Payment of purchase must be made via a linked bank account or a CDN saving account.
The digital price link will be exchanged via the mobile application and credited on the linked bank account and the CDNS savings account that has been used to buy.
The official document also reveals that the draw for digital price obligations would be held on a quarterly basis or as indicated by the finance division.
The print calendar will be announced by CDNs at the start of each calendar year.
The amount of the price will be credited on the related bank account, or CDNS savings account number and the amount of prices for each denomination will be determined by the finance division.
The amount of the price will be taxable but it will be exempt from Zakat.
The buyer of the digital price obligation could make an appointment at the time of purchase which can be modified or canceled in the future.
In the event of the investor’s death, the main amount and the price, with regard to the surety of the deceased, will be payable to his legal heirs in accordance with the succession certificate and if the net amount does not exceed RS500,000, payment must be made to the candidate as mentioned at the time of purchase.