October 27, 2002	Sunday	Sha’aban 20,1423

ISLAMABAD, Oct 26: National Saving Schemes (Defence Savings Certificates and Special Savings Certificates) are going to be launched for overseas Pakistanis on October 28 in Dubai. Minister for Finance and Economic Affairs Shaukat Aziz will preside over the ceremony.

Official sources told APP here on Saturday the schemes will facilitate overseas Pakistanis working in UAE in investing their hard-earned money in the National Savings Schemes in UAE, where otherwise rate of return on bank deposits is negligible.

The availability of these schemes will also facilitate investors in remitting their money to Pakistan without incurring any expenditure on such transactions. The schemes would be a registered security, which in case of loss and theft can be got re-issued from the bank branches from where these certificates were initially issued.

The spokesman of the Central Directorate of National Savings said that the step has been taken keeping in view the long-outstanding demand of overseas Pakistanis to ensure such an investment opportunity, already available to resident Pakistanis, to overseas Pakistanis as well.

The launching ceremony is expected to be attended by a large number of Pakistani community from all states of the United Arab Emirates.

Experts are of the view that this avenue will provide an opportunity to the government of Pakistan to further strengthen its foreign exchange reserves as the investment in National Saving Schemes through this channel will come in foreign exchange.

Financial sector experts are expecting very good response from overseas Pakistanis in this regard, the sources added.—APP