Karachi, September 6, 2023 – Pakistan has announced an extension of the last date for the redemption of unregistered prize bonds, according to a statement issued on Wednesday by the State Bank of Pakistan (SBP).
The SBP referred to its Circular No. 5, dated October 25, 2022, in which the original last date for encashment, conversion, and redemption of specific denominations of National Prize Bonds (NPBs) was communicated as June 30, 2023.
In response to the evolving circumstances, the Finance Division of the Government of Pakistan has decided to extend the last date for the encashment, replacement, and conversion of Rs. 40,000/-, Rs. 25,000/-, Rs. 15,000/-, and Rs. 7,500/- denomination National Prize Bonds (bearer) respectively. The new deadline is now June 30, 2024, as confirmed by Notification Nos. F.16(3)GS-I/2014-1683, 1684, 1685 & 1686 dated September 5, 2023.
READ MORE: Possibility of Deadline Extension for Exchanging Bearer Prize Bonds beyond June 30
In light of this extension, all branches are instructed to accept requests for the encashment, conversion, and redemption of the mentioned denominations from the general public until June 30, 2024. Banks are further required to submit consolidated data, categorized by branch and region, of the mentioned denomination NPBs held by them on the last date, i.e., June 30, 2024. These submissions should be made no later than July 2, 2024, following the instructions outlined in the aforementioned CMD Circular.
Additionally, all commercial banks are advised to surrender the cited prize bonds by July 31, 2024.
This extension provides additional time for bondholders to redeem their unregistered prize bonds and aligns with the government’s efforts to facilitate the public in managing their financial assets effectively. It is anticipated that this extension will be positively received by individuals and institutions holding these bonds.
