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KARACHI, Jan 6: The Association of Business, Professional and Agricultural Women (ABPAW) has expressed grave concern over the proposed drastic cuts in the interest rate on national saving schemes (NSS).
At its special meeting, held under the chairmanship of Ms Shamim Kazmi, the association described the proposed move “a blow to the widows, pensioners and the retirees belonging to the middle class” who, it said, had no other source of income except for the interest on their savings.
It maintained that the government had already slashed the interest rate on savings from nine to seven per cent and reportedly to five per cent on half-yearly profits.—PPI
