Protecting investment schemes

This refers to the letter ‘Left destitute’ (July 30) by NAK Lodhi. Pensioners, widows and senior citizens 60 years of age and above can make deposits in BSC/PBA National Savings worth ten million rupees at max without falling into the tax bracket. It is also pertinent to mention that the rates of interest in these schemes are very high in comparison to other National Savings Schemes.Deposits worth more than this should fall under the tax bracket to protect our nation from illegal money-laundering schemes. I wish to appeal to the concerned authorities to introduce automation in the National Savings schemes in order to protect our country from such untaxed ‘Benami’ investments.Syed ImranTank

from The News International - Newspost https://ift.tt/317Mn5E