The Pakistani government has announced an extended deadline for the redemption of certain prize bonds, giving the public another opportunity to encash their bonds.
Individuals holding prize bonds of Rs. 7500, 15,000, 25,000, and 40,000 now have until June 30, 2023, to avail themselves of this redemption offer. The State Bank of Pakistan (SBP) has issued instructions to commercial banks to facilitate the encashment or exchange of these prize bonds before the extended deadline.
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Previously, the government had set June 30, 2022, as the deadline for redeeming or encashing these specific prize bonds. However, recognizing that some bondholders were unable to avail themselves of this opportunity, the government has granted a final chance for redemption until June 30, 2023. After this date, the prize bonds will no longer be en-cashable or exchangeable, rendering them worthless.
The SBP has outlined several options for individuals holding the aforementioned prize bonds. They include:
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a. Encashment at Face Value: Bondholders can choose to encash their bonds at their original face value.
b. Conversion to Premium Prize Bonds: Bondholders have the option to convert their bonds into Premium Prize Bonds of Rs. 25,000 and/or Rs. 40,000 (Registered).
c. Replacement with Special Savings Certificates or Defense Savings Certificates: Individuals can also opt to replace their prize bonds with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC).
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The prize bonds can be redeemed or exchanged at the SBP Banking Services Corporation office and branches of commercial banks across the country until June 30, 2023. The SBP has instructed commercial banks to accept requests from the general public for encashment or exchange of the prize bonds before the extended deadline. It is encouraged that bondholders take advantage of this final opportunity to redeem their holdings.
The Pakistani government’s decision to extend the redemption deadline for certain prize bonds provides the public with an additional chance to encash their bonds.
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Bondholders are urged to act promptly and redeem their prize bonds by June 30, 2023, as they will become worthless after the extended deadline. The SBP and commercial banks are prepared to facilitate the encashment or exchange process and cater to the needs of the bondholders during this period.
