The national saving certificates online management system was launched on Sunday on trial basis, aiming at checking possible abuses in investment in the government saving tools.
Initially, the online database under the Public Expenditure Management Strengthening Programme by the Finance Division will be operated at the headquarters of Bangladesh Bank, Bangladesh Post Office, Sonali Bank and Directorate of National Savings.
Finance secretary Abdur Rouf Talukdar inaugurated the programme at the Finance Division conference room in Dhaka.
The experimental operation would help DNS detect investments beyond the individual saver’s limit and fictitious investments.
During the experimental operation over the next three month, buyers would be required to make payment in cheque for saving certificates worth above Tk 50,000.
The operation is expected to be expanded to divisional level and district level by phases to implement the planned mandatory requirement of submission of electronic taxpayer identification number and national identity cards.
Buyers will also require bank accounts and mobile numbers while purchasing national saving certificates and bonds.
Those who have already invested in saving certificates and bonds will have to submit the same to draw profits or encash matured ones.
The government has long been searching ways to check the high growth in the sales of saving certificates as more and more people in absence of better investment opportunities are buying saving certificates that offer high interest rates.
In the first five months of the current fiscal year, sales of saving certificates hit 21,661.93 crore, which is 81 per cent of the annual target of Tk 26,197 crore.
The most popular among 11 saving certificates are: 5-year Bangladesh Sanchayapatra (11.28 per cent yield), 3-monthly Profit Bearing Sanchayapatra (11.04 per cent), Family Saving Certificate (11.52 per cent), and Pensioner Sanchayapatra (11.76 per cent yield).
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