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The government has lowered the limit on investment in national savings certificates as part of several measures to discourage investment in savings certificates. According to the new rules, it is not possible to buy more than Rs 5 million in a single name and Rs 1 crore in a joint name.
The investment limit was set in a circular signed by Nusrat Jahan Nisu, Senior Undersecretary of the Internal Resources Department (Savings Branch), on Thursday (December 3).
Currently, a maximum of Tk 1.55 crore can be invested in a single name and Tk 2.15 crore in a joint name.
The circular said: “Regardless of what is stated in the Savings Certificate Rules, 198 and the Family Savings Certificate Policy, 2009, the government has a five-year Bangladesh Savings Certificate, a Savings Certificate based on Three-month earnings and a Family Savings Certificate Corrected a maximum of one crore rupees in the name of money or joints This order was issued in the public interest and will be effective from the date of issue.
It is worth mentioning that under the Online Management System of the National Savings Scheme, the sale of savings certificates has been carried out throughout the country since last July 1. Whether the buyer buys a savings certificate from the Bangladesh Bank, Commercial Bank, National Savings Department or Post Office, all information is stored in a specific database.
If it is more than one lakh, the buyer must provide the Taxpayer Identification Number (TIN). Furthermore, all transactions through bank accounts have been made mandatory. For these reasons, the investment of black money in savings certificates has dropped a lot.
RSI / BA
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