This refers to the notification issued by the Central Directorate of National Savings on November 05, 2019 reducing the profit rates drastically on its different saving schemes with effect from November 01, 2019.
It is to place on record that under the principle of law and justice, any right/benefit/relief may be provided to persons with retrospective effect; however, the one already available can be curtailed only prospectively.
There might be instances where the persons have made investment in these schemes between the period from November 01 to 05 on the rates of profit prevailed at the relevant time and revising the rates downward with the back date is entirely illogical, unfair and unjust.
The concerned authorities are requested to look into the matter seriously to avoid any legal implications and revise the notification in this respect immediately so as to make the same effective only from the next day of issuance of the same.
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