What is last date for redemption of Rs40,000 prize bonds

What is last date for redemption of Rs40,000 prize bonds

ISLAMABAD: Regulators are at odds over the last date for conversion/redemption of Rs40,000 denomination national prize bonds, which created distress amongst the prize bondholders.

A public notice was issued by the Central Directorate of National Savings (CDNS) in February 2021, that the government had discontinued the sale of National Prize Bonds (Bearer) of Rs25,000 and Rs40,000. “The deadline for redemption/encashment of these bonds is May 31, 2021.

On the other hand, the State Bank of Pakistan (SBP) through its CMD Circular No. 07 dated December 08, 2020, stated: “the finance division, the government of Pakistan has extended the last date for encashment/replacement / conversion of Rs40,000 denomination National Prize Bonds (Bearer) till December 30, 2021, vide their Notification No. F.16(3)GS-1/2014-1603 dated November 26, 2020.”

The finance division issued notification for withdrawal of Rs25,000 denomination national prize bonds from circulation in December 2020.

Another SBP CMD Circular No. 08 dated December 10, 2020, stated: “National Prize Bonds of Rs25,000 denomination shall not be sold with immediate effect and will not be encashed/redeemed after May 31, 2021.”

The public notice issued by the National Savings warned the holders who have not encashed their bonds so far, to redeem/encash Rs25,000 and Rs40,000 prize bonds before the deadline of May 31, 2021, using the following options:

— Replace with Rs25,000 & Rs40,000 Premium prize bonds (registered)

— replace with special saving certificates (SSC) / Defence Saving Certificate (DSC)

— Encashment through Bank Account

“After the deadline no such bonds will be redeemed/encashed,” it said.

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