Islamabad: Central Directorate of National Savings (CDNS) regulations have been changed and altered by the finance ministry before the end of last financial year 2016-17, which now allows the govt to categorize public deposits as its non-tax revenue.
With the unfolding of this amendment, the government has been able to successfully assign Rs20b as non-tax revenue from CDNS schemes. These schemes include deposits from the general public, senior citizens and widows from which the govt has been able to declare Rs20b as its non-tax revenue.
Under these new amendments, all sorts of prize bonds and certificates will come under these new regulations which would include Rs328b Defence Saving Certificates, Bahbood Saving Certificates worth Rs746b and Regular Income Certificates worth Rs335b.
Originally these dead account rules were only applicable to 22pc of the total investment made in all kinds of govt saving accounts amounting to Rs760b. Earlier, the finance ministry had double booked investment worth Rs64b of Pakistan Development Fund Limited as non-tax revenue by representing it as sale proceeds of two LNG power plants.
