Karachi, March 9, 2025 – Investment in premium prize bonds has witnessed a significant surge of 13.21% over the past year, ending on January 31, 2025, according to the latest data released by the State Bank of Pakistan (SBP).
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Investment in Registered Prize Bonds Rises to Rs 58.65 Billion
Karachi, January 25, 2025 – Investment in registered prize bonds has seen a remarkable surge, reaching Rs 58.65 billion by November 2024, according to the latest data released by the State Bank of Pakistan (SBP).
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Pakistan Faces 4.8% Drop in Registered Prize Bond Investments
In a concerning development for Pakistan’s financial landscape, data released by the State Bank of Pakistan (SBP) reveals a notable 4.8 percent decline in registered prize bond investments by the end of February 2024 compared to the same period the previous year.
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Investment in Registered Prize Bonds Declines by 7.67%
Karachi, January 5, 2024 – The Pakistan government has experienced a significant dip of 7.67 percent in the investment in registered prize bonds, according to data released by the State Bank of Pakistan (SBP).
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Premium prize bonds of Rs25,000 denomination launched to discourage informal economy
ISLAMABAD: The government has launched registered prize bonds of Rs25,000 denomination to discourage the informal economy and comply with laws related to anti-money laundering and counter financing of terrorism.
Further, the decision to document the bearer prize bonds to comply with the conditions of Financial Action Task Force (FATF).
The decision is part of documenting all unregistered prize bond of all denominations. Prior to this the government in the year 2017 launched premium prize bonds of Rs40,000 denomination. The bearer bonds of Rs40,000 denomination can be withdrawn up to December 30, 2021.
Through a notification the Finance Division approved the issuance of premium prize bonds (registered) of Rs25,000 denomination from December 09, 2020.
At a same time the government also announced to discontinue bearer bonds of Rs25,000 denomination from December 09, 2020.
The total investment in Rs25,000 denomination bearer prize bonds is around Rs164 billion by end of October 2020. The investment in the unregistered prize bonds has to be surrendered by May 31, 2021.
Holders of the bearer prize bonds can be converted to premium prize bonds through SBP Banking Services, National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.
Furthermore, the bearer prize bonds can also be replaced with Special Saving Certificates or Defence Saving Certificates through SBP Banking Service Corporation and authorized commercial banks and National Savings Centers.
Furthermore, the bearer bonds can be encashed by transferring the proceeds to the bond holder’s bank account through SBP Banking Services Corporation and authorized commercial bank branches and the Saving Accounts at National Saving Centers.
According to the Finance Division, the draw of premium prize bonds would be held on quarterly basis in which 707 prizes would be awarded. The first prize will be Rs30 million.
The holder of premium prize bonds shall also get profit at 1.79 percent on biannual basis.
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Premium prize bonds get Rs19.21 billion investment; grow by 228 percent
KARACHI: The investment in premium prize bonds has surged by 228 percent to Rs19.21 billion by March 2020 as compared with Rs5.86 billion by the same month a year ago.
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Investment in registered prize bonds witnesses 213% growth
KARACHI: The investment in registered prize bonds of Rs40,000 denomination have registered phenomenal increase of 213 percent following discontinuation of bearer instruments of same denominations, official data revealed.
The investment in premium prize bonds surged to Rs18.37 billion by end of January 2020 as compared with Rs5.86 billion in the same month of the last year.
The sharp growth in investment into premium prize bonds has been attributed to discontinuation of bearer bonds of same denomination.
In order to document the economy the government launched premium prize bonds in April 2017. The premium prize bonds are being issued only against CNIC with valid bank accounts.
Further to make the instrument attractive the government also announced bi-annual profit, which transferred directly to the bond holders.
The participation of investors into registered bonds increased sharply after the announcement of the government on June 24, 2019 to discontinue the bearer bonds of Rs40,000.
The bearer bonds of Rs40,000 will be completely discontinued for legal tender by March 2020.
A massive withdrawal of investment has been seen in the bearer instrument as the total investment which was at Rs258 billion in May 2019 reduced to Rs9.57 billion by January 2020.
The State Bank of Pakistan (SBP) through a circular said that the bearer instrument can be exchanged in savings schemes such as Special Saving Certificates (SSC) or Defence Saving Certificates (DSC). The third mode of exchange the bearer bonds was direct transfer to bank accounts.
The investment in registered bonds was also increased after the government initiatives to document all instruments of National Saving Schemes as per conditions of Finance Action Task Force (FATF).
In this regard the ministry of finance notified National Savings Schemes (AML and CFT) Rules, 2019.
Under these rules the Central Directorate of National Saving (CDNS) through third party will conduct Know Your Customer (KYC) and Customers Due Diligence (CDD) of all existing and new investors.
The CDNS will ask all the investors about their annual investment and source of earnings under KYC and CDD in order to ensure clean money invested in the schemes.