Karachi, September 8, 2023 – Pakistan has taken steps to facilitate its citizens in converting unregistered prize bonds worth approximately Rs 5 billion, with a deadline set for the end of June next year.
This move comes as a response to a recent circular issued by the State Bank of Pakistan (SBP) that extended the redemption date for unregistered prize bonds that had expired on June 30, 2023.
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The decision to extend the deadline for converting unregistered prize bonds reflects the government’s recognition of the substantial number of unclaimed prize bonds still in the possession of the public. The new deadline for the exchange of these prize bonds has been set for June 30, 2024.
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According to data provided by the SBP, there were unclaimed prize bonds worth Rs 4.97 billion that had not been redeemed by their respective due dates. This included prize bonds with denominations of Rs 7,500, amounting to Rs 1.54 billion, as well as prize bonds with denominations of Rs 15,000 totaling Rs 1.79 billion. Additionally, unconverted prize bonds with denominations of Rs 25,000 and Rs 40,000 amounted to Rs 810 million and Rs 825 million, respectively, as of July 2023.
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The extension of the redemption period provides individuals with an opportunity to convert their unregistered prize bonds and claim their prizes. It is part of an effort to encourage compliance with the prize bond regulations and ensure that individuals have access to the winnings associated with these bonds.
Citizens who hold unregistered prize bonds should take advantage of this extended deadline to complete the conversion process and potentially benefit from their prize bond investments. This initiative aims to streamline the management of unclaimed prize bonds and promote transparency in the financial system.
