KARACHI - The Central Directorate of National Savings has invited well reputed national and international banks for the appointment as lead manager to launch national saving certificates for overseas Pakistanis.
According to the information received from the Central Directorate of National Savings, Overseas Pakistanis Savings Certificates or OPSC are envisaged to be Pakistan’s first of its kind risk-free and script-less security for channelizing investments from overseas Pakistanis.
The Overseas Pakistanis Savings Certificates (OPSCs) are aimed to launch before the close of this fiscal year, Zafar Masud, Director General National Savings told Dunya News
Initially, the certificates will be launched in the GCC market and later, OPSCs will be launched in other countries, in different phases, he said.
Certificates would be scrip-less and will be offered in both US dollars and Pakistani Rupees. “We hope to raise between $500 million and $1 billion in the first year of launch”, he explained. The operational aspects of these certificates will be managed by a third party.
“National Savings has already appointed a consortium of EY, Haidermota and Company and Al Tamimi and Company as their Financial and Legal Advisors for the structuring of the proposed Certificates.”
Well reputed national and international banks either single or jointly for appointment of manage to the issue has been invited while application could be received in sealed bids by latest April 30, 2018 for the appointment of overseas certificates,” the document said.
CDNS recognizes overseas Pakistan i.e. Pakistani Diaspora as a powerful resources in national development and has designed a unique product named as Overseas Pakistanis Savings Certificates which aims at targeting the savings which are held back in the resident countries overseas Pakistanis are are routed through informal channels.
It is proposed to be offered in both the US dollars and Pakistani Rupees equivalent certificates. The proposed tenor will be three-year and five-year with quarterly/semi-annual profit payments. It is clarified that overseas Pakistanis will subscribe in this product in foreign currency, whereas transactions will cleared in US dollars i.e. Pakistani will receive US dollars.
The minimum investment overseas Pakistani could made in $1000 and Rs 50000, while profit will be disbursed in customer’s bank account in his country of residence or of choice.
CDNS is a premier financial institution offering retail government securities and savings products (known as national savings scheme), level playing field to small savers through diversified product mix.
The Institution has investor base of seven million and portfolio of over Rs 3500 which is around 30 percent of total banking deposits. Its share in domestic debt of Government is around 19 percent. Most of its products are designed for low-income segments of the society.