$500 million potential investment: government may offer NSS to expatriates

A proposal is being considered by the government to offer existing National Saving Schemes (NSS) to the overseas Pakistanis for the first time to attract $500 million investment, it is reliably learnt. Sources said the Central Directorate of National Savings (CDNS) has prepared a proposal but would require around Rs 300 from the government to put in place a system to implement it.
"We have to put in place e-payment and get service of gateways to expand the outreach of existing schemes to overseas Pakistani," said an official. The official said that lots of Pakistanis living abroad have approached the CNDC and wanted to invest in the existing scheme. However, the present system does not allow them to directly invest from abroad. They need to nominate someone in Pakistan through power of attorney for investment and collection of profit on the principal amount at their personal risk. The present system is a major hitch in attracting investment from overseas Pakistanis.
An official said that in view of the problems, the CNDC has decided to offer online applications for direct investment to the overseas Pakistanis. To make this system operational, the CNDC would need Rs 300 million to install compute system, involving National Database Registration Authority (Nadra) and Pakistan Telecommunication Company Limited (PTCL).
According to the official, overseas Pakistanis could make investment in any currency, but the principal amount and profit would be maintained in Pak rupee. He expressed the hope that the scheme might attract $500 million in the first year and this amount could increase in the subsequent years. Another official said that basic modalities have been discussed and a summary would soon be forwarded to the government for approval of required funds.