The State Bank, as reported by 24NewsHD TV channel on Wednesday, hasdecided to grant an additional year for the redemption or conversion ofprize bonds, extending the deadline until June 30, 2024. This developmentcomes as part of an effort to accommodate bondholders and provide them withmore time to take the necessary actions regarding their old or unregisteredprize bonds. In line with this decision, the State Bank has communicatedclear directives to all commercial banks to ensure the effectiveimplementation of this extended deadline.
Previously, individuals were required to encash or exchange their old orunregistered prize bonds by June 30, 2023.
However, recognizing the potential challenges faced by bondholders, theState Bank has opted to offer this one-year extension, thereby allowingpeople a more reasonable timeframe to address their prize bond holdings.This move is likely to alleviate concerns and provide greater flexibilityfor those holding such financial instruments.
The State Bank’s decision to extend the deadline for prize bond encashmentor conversion until June 30, 2024, reflects a responsive approach to theneeds of bondholders. By issuing directives to commercial banks, thecentral bank aims to ensure a smooth and efficient process for individualslooking to redeem or update their old or unregistered prize bonds.
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This extension is a positive step towards accommodating the public andfostering financial security for all involved parties
