Unregistered prize bonds exchange date extended up to December 31

Staff Reporter BOL News

30th Sep, 2021. 03:46 pm
prize bond

KARACHI: The government has announced to extend the last date for exchanging bearer prize bonds in higher denominations up to December 31, 2021.

According to a circular issued on Thursday by the State Bank of Pakistan (SBP), the date has been extended for three months from September 30, 2021 to exchange or convert unregistered prize bonds in the denominations of Rs15,000, Rs25,000 and Rs40,000.

The central bank directed all the banks to accept requests for encashment/conversion/redemption of cited denominations of the National Prize Bonds (NPBs) from the general public till December 31, 2021.

Further, the banks would submit branch/region-wise consolidated data of the denomination prize bonds held by them on the last date, i.e., December 31, 2021 latest by next working day, i.e., January 4, 2022.

The government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds.

Similarly, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds, while in April 2021, the Finance Ministry announced that the national prize bonds of denominations of Rs7,500 and Rs15,000 would not be sold.

The bonds can be converted to premium prize bonds (registered) of denominations of Rs25,000 and Rs40,000 subject to the adjustment of differential amount through 16 field offices of the State Bank of Pakistan (SBP) Banking Services Corporation, and the branches of six commercial banks, i.e., the National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.

The bonds can be replaced with the Special Saving Certificates/Defence Saving Certificates through the 16 field offices of the SBP Banking Services Corporation, authorised commercial banks, and the National Savings Center.

The bonds will only be encashed by transferring the proceeds to the bond holder’s bank account through the 16 field offices of the SBP Banking Services Corporation, as well as the authorised commercial bank branches and to the savings account at the National Savings Centers.

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