Karachi, June 20, 2023: The government of Pakistan is considering extending the deadline for exchanging bearer prize bonds beyond June 30, 2023, as the last two days of the deadline coincide with public holidays.
The announcement comes as Eid ul Azha holidays have been scheduled for June 29, 30, and July 1.
The original deadline for redeeming bearer prize bonds of denominations Rs.7500, 15,000, 25,000, and Rs. 40,000 was set for June 30, 2023. However, with the public holidays falling on June 29 and June 30, investors will be unable to exchange their bonds on those days.
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On June 20, 2023, the State Bank of Pakistan (SBP) issued a reminder to the general public to exchange their bearer prize bonds by June 30, 2023. The federal government has provided an opportunity for individuals to redeem or encash withdrawn prize bonds of Rs.7500, 15,000, 25,000, and Rs. 40,000 by the extended deadline.
Initially, the government had set the deadline for redemption/encashment of these prize bonds as June 30, 2022. However, considering that some bondholders were unable to redeem their bonds, a final opportunity has been granted for encashment until June 30, 2023.
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Holders of the aforementioned prize bonds have the following options for encashment or exchange:
a. Encashment at face value
b. Conversion to Premium Prize Bonds of Rs. 25,000 and/or Rs. 40,000 (Registered)
c. Replacement with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC)
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Bearer prize bonds can be redeemed at the offices of the SBP Banking Services Corporation and branches of commercial banks nationwide until June 30, 2023. The SBP has issued instructions to commercial banks to accept requests from the general public for encashment or exchange of the prize bonds until the extended deadline.
The general public is encouraged to take advantage of this final opportunity and redeem their holdings before June 30, 2023. After the expiry of the extended deadline, these prize bonds will no longer be encashable or exchangeable, rendering them worthless.
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