ISLAMABAD: The Ministry of Finance (MoF) has issued clarification in response to news item regarding “nominee” in National Savings Schemes (NSS).
In a statement, the finance ministry stated that Honorable Sindh High Court, in its judgment dated 23-08-2016 ordered to align NSS rules/procedures so that payment of principal amount and profit thereon (if any), in case of death of certificate purchaser/investor, would be paid to legal heirs according to succession certificate issued by a court of competent jurisdiction in accordance with Muslim Law of Inheritance as applicable in Pakistan instead of previous practice whereby a person was nominated by certificate purchaser/investor in the event of his/her death.
In light of the orders of the Honorable Sindh High Court, the proposed changes in the rules were twice widely publicized through print and electronic media to solicit public opinion. Central Directorate of National Savings (CDNS) carried out further due diligence keeping in view the suggestions received from the public and in light of decision of Sindh High Court and decisions of Supreme Court given on different petitions. The rules were vetted by the Law and Justice Division, which were subsequently approved by the CCLC and Federal Cabinet.
It is also informed that the response of the general public has been very positive as many legal heirs were being deprived of their due inheritance as the previous rules were not in line with the law of the land.
