EFFECTIVE July 1, the National Savings (NS) has started deducting withholding tax (WHT) at the new rate of 35 per cent for non-filers. This decision may further discourage small investors from investing their money into NS schemes. Besides, the level of services at NS centres is quite pathetic, marked by rude as well as unprofessional behaviour of the staff during their dealings with the elderly. The majority of the NS investors are senior citizens, pensioners, widows and housewives. Most of them do not have any other source of income, and, as such, are not liable to pay income tax. But the Federal Board of Revenue (FBR) places them in the category of non-filers, making them liable to pay more taxes than due, which is unfair. Ironically, the FBR does not look for new avenues for the revenue generation. Instead, it prefers to impose more taxes on those who already happen to be taxpayers. On the other hand, small investors, especially the pensioners and widows, are already overburdened by the rising inflation. Recently, the State Bank of Pakistan (SBP) has cut interest rates and the Central Directorate for National Savings (CDNS) has also slashed profit rates of various schemes. Therefore, small investors are being compelled to invest in other risky, non-government securities. They are being asked to provide in writing their source of income every time they want to invest small amounts. The revised tax rate and CDNS policies are expected to hit the NS schemes adversely. The SBP should intervene as the savings mobilised by the CDNS may drop remarkably with these decisions.