LAHORE: The government has banned the sale of Rs25,000 denomination prizebonds with immediate effect, according to a notification issued on Thursday.

According to the notification, the bonds can be converted into premiumprize bonds (registered) of Rs25,000 denomination through 16 field officesof the State Bank of Pakistan (SBP) Banking Services Corporations andbranches of six commercial banks i.e. the National Bank of Pakistan, HabibBank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limitedand Bank Alfalah Limited.

Those owning the now banned prize bonds have until May 31, 2021, to encash,redeem or get their bonds converted. The bonds can also be replaced withSpecial Savings Certificates (SSC) or Defence Saving Certificates (DSC)through 16 field Bank Services Corporations, authorised commercial banksand National Saving Centres.

The bonds will only be encashed by transferring proceeds to the bondholder’s bank account, while bondholders will have to submit a copy oftheir CNIC and fill a form to be provided by the SBP for encashment.