THIS is with reference to the letter ‘National Savings torture’ (Oct 18). The new nomination rule is definitely a torture where the nominees mentioned in the application becomes null and void. The government should have first publicised the change in the relevant rules and informed the public, particularly the investors, prior to issuing the notification. Many senior citizens are still unaware that this notification was issued as far back as April 29 this year.

It was by chance that I learnt about the new rule through a friend who was having a torrid time securing a succession certificate through a lawyer who demanded a huge sum after learning about the amount involved.

Many senior citizens are not well-educated and not aware of the implications of the new policy. Further, thousands of investors who live abroad are still not aware of the change in policy. Is this a plan on the part of the government to discourage the public from investing in its savings schemes or seize investors’ money who cannot meet the new requirements?

As per the new law, if a parent or parents die, the siblings will get equal share irrespective of whether they have been nominated by the applicant. This is an anomaly and ignoring the investors’ wishes that they marked while filling the application form. If the applicant had desired the same, it would have been mentioned in the form itself. If not, then what is the purpose of filling the nomination column if it is to be considered null and void when it should be the most functional? The government should not make nominees run from pillar to post to receive their inheritance.

Last but not least, the mandatory personal appearance of investors for encashment of certificates needs to be revisited. A large majority of the investors are senior citizens who can barely walk, or are on wheel chairs with urinal bags or breathing apparatus etc, or, in worst-case scenarios, happen to be bed-ridden. The NSC officials refuse to accept a Letter of Authority in such cases. This is inhuman with no respect for the investor’s dignity. Nadra has admirable arrangements for those who cannot make it to their office; why can’t the National Savings Centre do the same?

Anthony Ignatius Lobo
Karachi

(2)

THE newly imposed requirement of succession certificate by the National Savings organisation will open the door for unnecessary litigation and corruption, delaying payment to the nominees of a deceased certificate or account-holder.

Contesting or interfering with the decision made by a deceased person in his lifetime is morally wrong and must not be provided legal cover by amending the laws. The deceased must have had good reasons for choosing their nominees and their shares. No attempt should, therefore, be made to question or override the choice.

Sarwar Siddiqi
Karachi

(3)

ONE feels grateful for the publication of the letter (Oct 18) that informed the public of the need for a succession certificate for the heirs of a deceased National Savings investor. This means in case of the inevitable, my children have to approach some court to receive their patrimony from the National Savings. This is a tall order as my children live in Karachi, Peshawar, the US and the UK. The court will require attested documents and they will have to hire advocates. And all this for what? To receive their own inheritance!

I have some savings invested in order to offset inflation and meet basic expenses. Now I am having second thoughts. The new policy is against investors’ interests, particularly those with modest savings.

And, by the way, shouldn’t the National Savings directorate send intimation letters to all investors about the policy change? The government needs to revisit the decision.

Shameem A Khalid
Kalas, Gujrat district

(4)

THE new condition imposed by the authorities of a National Savings nominee acquiring a succession certificate from the relevant authority is easier said than done. One cannot imagine the hassle that a sick elderly person will have to endure because of this new law which is brutal in its approach and scope.

Will someone in authority look into the matter and come to the rescue of the helpless and the neglected?

Aijazuddin
Karachi

Published in Dawn, October 28th, 2020