Federal government has banned the sale of the Rs 25,000 prize bonds

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Federal government has banned the sale of the Rs 25,000 prize bonds

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

According to the notification, the bonds can be converted into premium prize bonds (registered) of Rs25,000 denomination through 16 field offices of the State Bank of Pakistan (SBP) Banking Services Corporations and 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.

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 with Special Savings Certificates (SSC) or Defence Saving Certificates (DSC) through 16 field Bank Services Corporations, authorised commercial banks and National Saving Centres.

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