*Karachi – The State Bank of Pakistan (SBP) has directed all the banks toban the sale of unregistered Rs40,000 Prize Bonds from today (Tuesday, June24).*
The expiry date for enchantments of these bonds is March 31, 2020 afterthat the bonds will become useless since they would no longer be includedin draws.
According to the SBP, the bonds would be converted into Rs40,000 PremiumPrize Bonds and they can also be converted into saving certificates.
On Saturday, Federal Board of Revenue (FBR) Chairman Shabbar Zaidi said allthe prize bonds worth Rs40,000 would be registered till 2020 as it wasmandatory.
The unregistered prize bonds would be considered useless if not registered,he said talking to a private news channel. The chairman said the prizebonds of Rs 948 billion were still unregistered in the country and hecticefforts were being made to register them.
Terming holding unregistered prize bonds as an unlawful act, he said it wasimperative for the prize bonds holders to register them forthwith.
The government on Thursday offered relaxation to the bearers of Rs40,000denomination prize bonds, allowing the investors to register theirunregistered bonds up to March 31, 2020.