State Bank of Pakistan (SBP) has stated that a mere Rs. 12 million is left en-cashed/reclaimed by the depositors out of a total of Rs. 1.2 billion under National Debt Retirement Program.
The central bank earlier advised commercial banks to facilitate the claimants and en-cash the deposits after due verification in accordance with respective rules and procedures. The banks after making the payments were to claim reimbursement from SBP against the deposit of paid documents and instruments etc.
It may be recalled that the Federal Government had launched National Debt Retirement Program (NDRP) to pay off the ever increasing national debt in 1997. Funds in NDRP were accepted from individuals, firms, companies and institutions etc. as Donations (NDRP-I), Qarz-e-Hasna (NDRP-II) and Term Deposit (NDRP-III).
A total of Rs.1.2 billion was received in local currency and USD 178 million was received in foreign currency under the program.
Similarly out of total FCY receipts of USD 178 million, USD 28 million was donations and remaining USD 150 million was Qarz-e-Hasna and term deposits. Almost all FCY deposits have been repaid.
However, there are still complains that the depositors are facing difficulties in encashment of the certificates despite directives from the central bank for facilitation of such depositors.
While the term deposits (NDRP III) are en-cashable from Central Directorate of National Savings (CDNS), the Qarz-e-Hasna (NDRP II) certificates can be en-cashed from the commercial banks where the amounts were deposited. All the depositors are thus once again informed that they can approach their respective banks along with the original receipt/certificate for encashment of their deposits under NDRP-II (Qarz-e-Hasna).
The banks after making the payments will claim reimbursement from SBP against the deposit of paid documents and instruments etc.