SBP directs banks to accept bearer prize bonds State Bank of Pakistan

SBP directs banks to accept bearer prize bonds

KARACHI: State Bank of Pakistan (SBP) on Tuesday directed commercial banks to accept bearer prize bonds of high denomination till March 31, 2021.

Through a circular, the SBP informed that Circular No. 1 dated April 30, 2021, and Circular No. 3 dated September 29, 2021, were issued wherein the last date for encashment/conversion/redemption of captioned denominations of National Prize Bonds (NPBs) was communicated as December 31, 2021.

READ MORE: Prize bond (bearer) holders given 3 months to document

The Finance Division, Government of Pakistan has extended the last date for encashment/replacement/conversion of Rs. 40,000/-, Rs. 25,000/-, Rs. 15,000/- & Rs. 7,500/- denomination National Prize Bonds (bearer) up to March 31, 2022, vide Notification Nos. F.16(3)GS-I/2014-1869, 1870, 1871 & 1872 dated December 16, 2021.

READ MORE: History of Prize Bonds in Pakistan

Accordingly, the SBP directed all branches shall be advised to accept requests for encashment/conversion/redemption of cited denominations from the general public till March 31, 2022.

Further, the banks shall submit branch/region-wise consolidated data of cited denomination NPBs held by them on the last date i.e. March 31, 2022, latest by April 1, 2022, as per the instructions stipulated in the aforementioned CMD Circulars.

READ MORE: Income tax on prize bonds, lottery winning

Leave a Reply

Your email address will not be published. Required fields are marked *