ISLAMABAD: The finance ministry on Thursday announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold with immediate effect.
In different notifications the finance division announced to withdraw the prize bonds of denominations Rs7,500 and Rs15,000 from circulation with immediate effect.
According to the notifications:
“… Prize bonds of Rs7,500 denominations shall not be sold with immediate effect and will not be encahsed / redeemed after December 31, 2020 … “
“ … Prize bonds of Rs15,000 denomination shall not be sold with immediate effect and will not be encahsed / redeemed after June 30, 2021 … “
The finance divisions also issued the procedure for redemption/conversion of bonds.
The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) through 16 field offices of State Bank of Pakistan (SBP) Banking Services Corporation, and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.
The bonds can be replaced with Special Saving Certificates/Defence Saving Certificates through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Savings Center.
The bonds will only be encashed by transferring the proceeds to the bonds holder’s bank account through the 16 field offices of SBP banking services corporation well as the authorized commercial bank branches and to the Saving Accounts at National Savings Centers.