APROPOS the letter ‘National Savings torture’ (Oct 18), I and my wife have invested our entire lives’ savings in Behbood Savings Certificates and have nominated our two children, both of whom are special persons, to receive the amount after our death.

However, we are very perturbed to note that both our special children will have to visit courts to obtain succession certificates when the time comes owing to the recent amendments in the nomination rules by the government.

We request the department concerned to review the new nomination rules in the larger interest of the investors.

K.M. Shafi
Karachi

(2)

I AGREE with the views expressed in the letter concerned (Oct 18). There was no need to amend the rules on nominations for succession that we, the investors, had made on a form previously given to us which should be honoured.

Asking successors of an investor to get a succession certificate from a court seems illogical. What about successors who may be living abroad?

There is a definite need for the government to review the issue and come up with a mechanism that ensures the convenience of citizens in the matter.

A senior citizen
Lahore

(3)

In continuation of the letter ‘National Savings torture’ (Oct 18), I wish to add that the outdated manual work system of the organisation is a major reason some unscrupulous employees deliberately make lower profit payment to investors who are illiterate or ignorant. I have observed that this practice is more common with investors who are women or widows not wise enough to the wily ways of this world.

Another ruse of these employees is the deduction of withholding tax and service charges at a higher rate than those prescribed by the government.

Furthermore, the National Savings’ archaic system makes it a haven for the corrupt. This is because they can invest their loot in the name of individuals with no questions asked. In such case of Benami investors, on the death of the individual, the money is to be paid to the nominee which, again, happens to be the Benami investor.

This racket was unearthed when NAB arrested a former secretary of the Balochistan government a few years ago. National Savings certificates worth tens of millions of rupees were discovered from his house.

As such, it is commendable on the part of the federal government to have brought about a drastic change in the nomination procedure and get the courts involved in the matter.

Aslam Khan
Peshawar

Published in Dawn, October 25th, 2020