National Debt Retirement Program-Repayment of Deposits under NDRP-II

State Bank of Pakistan in their statement today recalled that Government of Pakistan launched National Debt Retirement Program (NDRP) with a view to discharge the ever increasing national debt liabilities. Amounts in NDRP were to be accepted from an individual, firm, company, body and institutions etc. under the categories of Donations (NDRP-I); Qarz-e-Hasna (NDRP-II) and Term Deposit (NDRP-III). The deposits under NDRP-I (Donations) were non-refundable whereas deposits under NDRP-II and NDRP-III were for a minimum period of two years. Depositors were issued a receipt/certificate against deposits under NDRP-II by banks and Special Saving Certificates (SSC) /Defence Saving Certificates (DSC) were issued against deposits under NDRP-III by Central Directorate of National Savings, Ministry of Finance. After maturity of two years, the depositors were able to encash their amounts at par in case of NDRP-II and as per terms & conditions of SSC / DSC for deposits under NDRP-III.

It has come to our notice that some of the deposits with banks under NDRP-II are pending or still unpaid. All such depositors may approach their respective branch of banks along with the original receipt/certificate for encashment of their deposits under NDRP-II (Qarz-e-Hasna). The commercial banks have also been advised to facilitate the claimants and encash the deposits after due verification in accordance with respective rules & procedures. The banks after making the payments will claim reimbursement from SBP against the deposit of paid documents and instruments etc.

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