Sale of unregistered Rs 40,000 Prize Bonds banned by SBP

Sale of unregistered Rs 40,000 Prize Bonds banned by SBP

*Karachi – The State Bank of Pakistan (SBP) has directed all the banks to ban the sale of unregistered Rs40,000 Prize Bonds from today (Tuesday, June 24).*

The expiry date for enchantments of these bonds is March 31, 2020 after that the bonds will become useless since they would no longer be included in draws.

According to the SBP, the bonds would be converted into Rs40,000 Premium Prize Bonds and they can also be converted into saving certificates.

On Saturday, Federal Board of Revenue (FBR) Chairman Shabbar Zaidi said all the prize bonds worth Rs40,000 would be registered till 2020 as it was mandatory.

The unregistered prize bonds would be considered useless if not registered, he said talking to a private news channel. The chairman said the prize bonds of Rs 948 billion were still unregistered in the country and hectic efforts were being made to register them.

Terming holding unregistered prize bonds as an unlawful act, he said it was imperative for the prize bonds holders to register them forthwith.

The government on Thursday offered relaxation to the bearers of Rs40,000 denomination prize bonds, allowing the investors to register their unregistered bonds up to March 31, 2020.