ISLAMABAD – Over the issue of Prize bonds sales in Pakistan, the FinanceMinistry has decided to take unprecedented decision.
The Ministry of Finance has suggested discontinuing the sale of prize bondsof three denominations – Rs. 7,500, Rs. 15,000, and Rs. 25,000 withimmediate effect.
The Finance Division told a meeting that the government has launchedpremium prize bonds of Rs. 40,000 denomination that offer both, biannualprofit and the prize on quarterly draws, in a bid to promote documentationof the economy and offer better results to the investors.
The Finance Division had proposed to withdraw the Rs. 40,000 bearer prizebonds with immediate effect. It maintained that the public should be giventhe option of conversion to register premium prize bonds, replacement withSpecial Saving Certificates/Defense Saving Certificates, or encashmentthrough bank accounts.——————————
The division proposed that further sale of bearer National Bonds of theaforementioned denominations should be discontinued from the office ofState Bank of Pakistan (SBP) Banking Services Corporation, National SavingsCenters, and commercial banks with immediate effect.
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However, it maintained that the prize bonds’ draws for these threedenominations should continue as per the draw schedule till further orders.The proposals were considered by the Economic Coordination Committee (ECC),which allowed the division to withdraw the Rs. 40,000 prize bonds with thesaid options for encashment by March 31, 2020.
Till date, no official announcement has been made as to what will become ofthe other prize bonds of Rs. 7500, Rs. 15,000, and Rs. 25,000.
