ISLAMABAD: Accepting a representation of an aggrieved citizen against a decision of Wafaqi Mohtasib, President Dr Arif Alvi has directed Central Directorate of National Savings (CDNS) to pay profit on Special Saving Certificates (SSCs) as per profit rate prevailing at time of purchasing certificates.

He said that CDNS had committed maladministration by revising profit rates retrospectively and in contrary to existing law, thus causing citizen a loss of Rs 5.3 million, President Secretariat Press Wing said in a press release. President issued these directions while deciding on a representation preferred by Yasmeen Merchant, who had purchased six SSCs from CDNS on November 1, 2019 at a profit rate of 12.7 percent for five certificates and 13.9 percent profit rate for sixth certificate.

Four days later however, Finance Division issued notification reducing profit rates to 11.8 percent with retrospective, causing her a loss of Rs 5.3 million. President said that notification issued was in nature of subordinate or delegated legislation and took effect from date of its publication in official gazette and not from any prior date.

He highlighted that a person may feel allured by incentives floated by government and act upon it, and it did not behoove government to recant on its commitment as it may erode confidence of general public in government bodies and may also negatively affect credibility of government. He said that such law was based on settled legal principles and Quranic injunctions as per 1st verse of Surah Al-Maida “O ye who believe! Fulfil your undertakings”.

Published in The Daily National Courier, September, 19 2022

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