WITH the country caught in the circle of soaring inflation, the common man finds it hard to save a penny for a rainy day, let alone spending on their daily household expenditures.

Those who still manage to save something out of their hard earned money, eventually become a victim of burglaries, extortion or being deprived of their valuables along the road side.

The under-privileged class of our society usually prefers to invest their redundant finances in liquid assets either in terms of certificate of deposit or prize bonds. These are usually kept in a safe in their homes; that is very unsafe.

In this intense situation there is a dire need to take comprehensive measures and constitute a Prize Bond Depository Company (PDC) on the same note as the Central Depository Company operating data of recording and maintaining equity and debt securities.

The modus operandi of the Prize Bond Depository Company (PDC) must be specified in detail and alike CDC; it shall also be regulated by SECP.

The system will change the ownership of prize bonds without any physical movement of the bond or the corresponding movement of cash in the system.

As soon as the prize bonds are deposited in PDC, a list bearing the entire bond numbers shall be issued to the account holder and in case of prize money won by him, the amount shall be credited directly to his bank account or sent to him through registered post.

PDC shall also facilitate for pledge or withdrawal of these bonds by the account holder.

The company may charge a minimal fee for its custodian services but will give the maximum security features and safeguard the public belongings as well as ensure complete peace of mind and trust.

An effective brainstorming comprising practical measures taken by the finance division of the country and the SECP will bring fruitful results for the masses and will be a milestone in terms of national service as committed to be provided by the government.

MISBAH WAHID BUKHARI Karachi