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Government discontinues sale of Rs25,000 prize bonds


Gulmeena HamidWeb Editor

10th Dec, 2020. 03:29 pm
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prize bonds
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On Thursday, the Federal government has stopped the sale of Rs25,000 bonds, the Finance Division said in a notification.

According to the details, the step has reportedly been taken to address the Financial Action Task Force’s concerns over money laundering and terror financing.

It has reportedly been done to address the Financial Action Task Force’s concerns over money laundering and terror financing.

Moreover, the investors after May 31, 2021, will not be able to encash or redeem the Rs25,000 prize bond.

Cash payment for encashments of cited bonds is not allowed. However, the bonds can be converted to Premium Prize Bonds, Special Saving Certificates, Defence Saving Certificates, or encashed at face value.

The conversion to certificates can be done through 16 field offices of the State Bank of Pakistan or at branches of six authorized banks

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