State Bank of Pakistan has released instructions related to the withdrawal of the RS 40,000 denomination National Prize Bonds.
The statement has been issued on February 19 and was addressed to all banks’ CEOs and presidents.
It was notified in the statement that the last date for the replacement or the conversion of those bonds is on March 31st, 2020.
As per the instructions issued by State Bank’s currency management department, no requests for encashment, replacement or conversion of those prize bonds will be entertained after 31st March 2020.
The head offices of commercial banks will ask for details of prize bonds physically held by each branch or a regional branch on 31st March 2020. They will also report a consolidated bank-wide position to the currency management department on First April.
According to the statement, the SBP Inspection Team can inspect data submitted by commercial banks/
Apart from that, the daily reporting of the encashment of those prize bonds will be carried out till March 31.
Commercial bank branches will have to hand over the prize bonds held by them to the concerned SBP Banking Services Corporation field office.
Finance Division of Government of Pakistan had limited the sale of National Prize Bonds of Rs 40,000 denomination after 24 June 2019. It means no bond of Rs 40,000 would be sold, redeemed or en cashed after 24 June 2019.
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