Unregistered Prize Bonds Worth Rs 4.77 Billion Await Redemption

Unregistered Prize Bonds Worth Rs 4.77 Billion Await Redemption

Karachi, February 12, 2024 – Unclaimed prize bonds worth a staggering Rs 4.77 billion are still up for grabs as the State Bank of Pakistan (SBP) extends the deadline for conversion until June 30, 2024.

The latest data released by SBP reveals the significant amount of unclaimed prize bonds, initially slated for phase-out, emphasizing the government’s push for a more transparent and documented financial system.

The decision to halt transactions involving bearer national prize bonds in denominations of Rs 7,500, Rs 15,000, Rs 25,000, and Rs 40,000 aimed to enhance transparency in the country’s economy. Although the government set the initial deadline for exchanging these bonds for registered alternatives at June 30, 2023, a circular from the central bank extended the deadline to accommodate the substantial number of unclaimed bonds still held by the public.

As of December 31, 2023, unclaimed bearer bonds total Rs 1.47 billion in Rs 7,500 denominations, Rs 1.71 billion in Rs 15,000 denominations, and Rs 779 million and Rs 810 million in unconverted prize bonds with denominations of Rs 25,000 and Rs 40,000, respectively.

This extended redemption period provides a golden opportunity for individuals to convert their unregistered prize bonds and claim their prizes. The initiative aims to streamline the management of unclaimed prize bonds and foster transparency in the financial system. The government is committed to ensuring that all citizens have access to the winnings associated with these bonds.

Beyond the chance for individuals to rectify their prize bond investments, the extension serves as a reminder of the importance of adhering to financial regulations. Converting unregistered bonds into registered ones contributes to the government’s broader goal of documenting financial transactions and curbing illegal activities.

While unclaimed prize bonds could hold life-changing prizes for their owners, seizing this opportunity requires swift action to meet the extended redemption deadline. The government believes that this process will encourage a more transparent and compliant approach to handling financial assets, strengthening Pakistan’s economic landscape.

In response to this announcement, the SBP urges all citizens holding unregistered prize bonds to capitalize on the extended deadline and promptly complete the conversion process. The central bank emphasizes that this extension is a one-time opportunity, and after June 30, 2024, no further extensions will be granted. Time is of the essence for those holding unclaimed bearer prize bonds to secure their winnings and contribute to the government’s drive for a more transparent and regulated financial system.

The revelation of Rs 5 billion worth of unclaimed discontinued bearer prize bonds in Pakistan underscores the importance of staying in compliance with financial regulations. The government’s decision to extend the deadline for converting these bonds not only provides an opportunity for individuals to claim their prizes but also represents a significant step toward a more transparent and documented economy. It is now up to the citizens to seize this opportunity and ensure that their financial assets align with the evolving norms of the country’s financial system.