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Rs15,000, Rs7,500 prize bond to be discontinued: notification

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An image of varied authorities issued prize bonds. Picture: File
  • Notification says authorities will now not maintain attracts for the Rs 7,500 and Rs 15,000 bond.
  • Notification says Rs15,000 bonds will now not be cashable after June 30 
  • Notification says Rs7,500 bonds can solely be encashed until December 31.

The federal government on Thursday introduced that will probably be discontinuing the usage of Rs15,000 and Rs7,500 bonds, in line with a notification issued by the federal authorities.

The notification acknowledged that the federal government will now not maintain attracts for the 2 bonds.

The federal government mentioned that Rs 15,000 bonds will now not be cashable after June 30 and the Rs7,500 bonds can solely be encashed until December 31.

Learn extra: Funding in premium prize bonds of Rs40,000 and Rs25,000 rises 29%

The notification acknowledged that individuals who don’t want to money the bonds will pay a further quantity and convert them into Rs25,000 and Rs40,000 bonds. It additionally acknowledged that the customers can convert these bonds into particular financial savings and defence saving certificates.

The federal government mentioned that the prize bonds could be encashed by folks by way of their financial institution accounts. 

Govt stops sale of Nationwide Prize Bonds of Rs25,000

That is the second time that the federal government has stopped the sale of a bond inside a yr.

Final yr in December, the federal authorities discontinued the sale of Rs25,000 Nationwide Prize Bonds, in line with a notification issued by the Finance Division.

It was reportedly achieved to deal with the Monetary Motion Job Pressure’s considerations over cash laundering and terror financing.

Learn extra: Rs40,000 premium prize bonds funding information 21% progress

On the time, current bondholders got the choice to encash/redeem/convert their bonds by Could 31, 2021 within the following methods:

1. The bonds could be transformed to Premium Prize Bonds (Registered) by means of the 16 discipline workplaces of the State Financial institution of Pakistan’s Banking Providers Firms or by means of branches of six business banks, particularly Nationwide Financial institution of Pakistan, Habib Financial institution Restricted, United Financial institution Restricted, MCB Financial institution Restricted, Allied Financial institution Restricted and Financial institution Alfalah Restricted.

2. The bonds may also be transformed to Particular Financial savings Certificates or Defence Financial savings Certificates by means of SBP’s discipline workplaces, authorised commerical banks or Nationwide Financial savings Centres.

3. The bonds could be encashed by means of transferring the proceeds to the holder’s checking account by means of SBP’s discipline workplaces, authorised commerical banks or Nationwide Financial savings Centres.

Learn extra: Rs 40,000 Prize Bonds value Rs 180 billion withdrawn

Folks opting to money out their bonds had been instructed they are going to solely have the ability to switch cash to their account in individual.

The notification additionally acknowledged that to get the prize cash the individual should submit the prize bond and provides a duplicate of their CNIC to the SBP.

New registered prize bond

On the time, the Finance Division, in a separate notification, issued a brand new Premium Prize Bond of Rs25,000 with “immediate effect”.

Underneath the brand new bond, two first place prizes of Rs30 million shall be awarded, whereas 5 second place prizes value 10 million may also be given. The bond could have 700 prizes for third place of Rs0.3 million every. The draw for the prize bonds shall be held quarterly.

Learn extra: Rs40,000 prize bonds value Rs152 billion encashed 

The registered bond may also give 1.79% biannual revenue to the bond holders.

In the meantime, those that have an unregistered prize bond of the identical quantity also can purchase the registered one.

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