SBP makes important announcement for withdrawn prize bonds

SBP makes important announcement for withdrawn prize bonds

KARACHI: State Bank of Pakistan (SBP) on Wednesday made important announcement related to withdrawn prize bonds.

The central bank informed the general public that the government had given an opportunity to exchange prize bonds, which were earlier withdrawn.

READ MORE: Prize bonds worth Rs6.27 billion still unclaimed despite last opportunity

“The Federal Government has given another opportunity to the public to get the withdrawn prize bonds of Rs.7500, 15,000, 25,000 and Rs. 40,000 redeemed/encashed by June 30, 2023,” the SBP said.

Earlier, the government had fixed deadline of June 30, 2022, for redemption/encashment of these prize bonds, however, considering that some of the prize bond holders could not get their bonds redeemed a final opportunity has been given for encashment of prize bonds till June 30, 2023.

READ MORE: SBP reminds last date for encashment of bearer prize bonds by June 30

The investors of aforesaid prize bonds have following options of encashment or exchange: Encashment at Face Value; Conversion to Premium Prize Bonds of Rs. 25,000 and/or Rs. 40,000 (Registered); or Replacement with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC).

The prize bonds can be redeemed from SBP Banking Services Corporation office and branches of commercial banks across the country till June 30, 2023.

The SBP has issued necessary instructions to commercial banks to accept requests from general public for encashment or exchange of the prize bonds till the extended date.

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The general public holding these bonds is encouraged to avail this final opportunity and get their holdings redeemed before 30th June 2023.

“These prize bonds shall not be en-cashable or exchangeable after the expiry of the extended deadline, thereby rendering them worthless,” the central bank added.

Bearer prize bonds worth Rs6.27 billion are still unclaimed despite the government has granted a last opportunity to investors to document the same. The government granted the opportunity to investors to exchange bearer prize bonds worth Rs6.27 billion by June 30, 2023.

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The State Bank of Pakistan (SBP) early November 2022 issued a circular directing designated commercial banks to accept the bearer prize bonds for conversion or exchange in prescribed manner.

The government allowed the extension, which expired on June 30, 2022, considering the genuine problems of investors, who failed to exchange their financial instruments.

The ministry of finance launched the withdrawal of the unregistered prize bonds in a phased manner. The government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds.