Prize bonds sales in Pakistan: Finance Ministry to take unprecedented decision

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Prize bonds sales in Pakistan: Finance Ministry to take unprecedented decision

ISLAMABAD - Over the issue of Prize bonds sales in Pakistan, the Finance Ministry has decided to take unprecedented decision.

The Ministry of Finance has suggested discontinuing the sale of prize bonds of three denominations – Rs. 7,500, Rs. 15,000, and Rs. 25,000 with immediate effect.

The Finance Division told a meeting that the government has launched premium prize bonds of Rs. 40,000 denomination that offer both, biannual profit and the prize on quarterly draws, in a bid to promote documentation of the economy and offer better results to the investors.

The Finance Division had proposed to withdraw the Rs. 40,000 bearer prize bonds with immediate effect. It maintained that the public should be given the option of conversion to register premium prize bonds, replacement with Special Saving Certificates/Defense Saving Certificates, or encashment through bank accounts. ------------------------------

The division proposed that further sale of bearer National Bonds of the aforementioned denominations should be discontinued from the office of State Bank of Pakistan (SBP) Banking Services Corporation, National Savings Centers, and commercial banks with immediate effect.

However, it maintained that the prize bonds’ draws for these three denominations 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 the said options for encashment by March 31, 2020.

Till date, no official announcement has been made as to what will become of the other prize bonds of Rs. 7500, Rs. 15,000, and Rs. 25,000.