CDNS achieves collection target of Rs169b

The Central Directorate of National Savings (CDNS) has achieved a collection net target of Rs169 billion by April 24 of the fiscal year 2019-20.

The CDNS has set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 324 billion for the previous year’s 2018-19 to enhance savings and promot saving culture in the country, a senior official of CDNS told state-run news agency here the other day. The directorate has also revised and increased the gross target of Rs1,570 billion for the fiscal year 2019-20, he said.

Replying to a question, he said the CDNS had collected Rs 410 billion by June 30, exceeding the target of Rs 324 billion set for the year while during the preceding year of 2017-18, CDNS collected Rs155 billion. The total savings held by the CDNS stood at Rs 1,150 billion by June 30 while the directorate had Rs 774 billion savings by the same date, a year ago, he said.

The senior official said due to the rationalisation of CDNS certificates’ rates, the directorate had collected more savings than expected, therefore CDNS revised its target upward from Rs 224 to 324 billion for FY 2018-19.

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