CDNS acts to promote digital investment

Developing electronic prize bonds which can be bought through online channels

ISLAMABAD:

The Central Directorate of National Savings (CDNS) has kick started the work to enhance investment opportunities and promote digital investment through many new projects.

“The CDNS, in collaboration with the State Bank of Pakistan (SBP), is developing digital prize bonds, which will be available through online electronic channels,” a senior CDNS official informed APP on Monday. “CDNS is also in process to launch its first mobile application to aid online purchase and encashment of national saving schemes,” he said.

For better and efficient transfer of funds through electronic mode, the CDNS will adopt RAAST in the ongoing month of January aimed at speedy flow of funds through its financial tributaries.

He highlighted that initially, CDNS opened three separate accounts in SBP to avoid direct access to the non-food account for its alternative delivery channel (ADC) operations and payment through 1Link, UPI and RAAST.

The Finance Division would allocate budgetary ceiling on daily basis and CDNS would operate within the allocated limit, he added.

“Accordingly, the Public Finance Management Act 2019 has been adopted in true spirit for the alternative delivery channels of CDNS,” he detailed.

Published in The Express Tribune, January 25^th, 2022.

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