Govt Discontinue Sale of Prize Bonds Rs7500 and Rs15000

Sale of Prize Bonds: Govt has decided to discontinue and stop the sale of Rs7500 and Rs15000. In a notification dated 28 April 2021, It was announced that the sale of these bonds will be stopped and these bonds are closed with immediate effect.

These Bond of Rs7500 and Rs15000 can be exchanged through State Bank’s 16 field offices located in different big cities and big commercial banks’ authorized branches including HBL, NBP, MCB, UBL, ABL and BAF.

Three different ways have been introduced like in the case of Rs25000 and Rs40000 Prize bonds.

1-These bonds of Rs7500 and Rs15000 can be deposited in bank’s account and banks will collect the amount from authorized banks or from State Bank.

2-These Bonds of Rs7500 and Rs15000 can be exchanged with Premium Prize Bonds of Rs25000 and Rs40,000. As no Registered or Premium Prize Bond of Rs7500 and Rs15000 have been issued yet so these bonds can be exchanged with Rs25000 and Rs40,000 Prize Bonds.

3- These bonds of Rs7500 and Rs15000 can be exchanged with National Saving centre products of Special Saving Certificates and Defence Saving Certificates as well.

Further to this, no Lucky draw of these bonds of Rs7500 and Rs15000 will be held in the future. ALthough Prize Bond Rs7500 Lucky draw is quite near at 3 May 2021 and this draw will also not be held.

Govt has taken this step to meet the FATF requirements so that Pakistan could come out of the grey list in the FATF meeting to be held in June 2021.

This is part of the FATF action plan to register the undocumented economy and Govt seems very serious to follow the instructions of the FATF.

After the registration of Rs7500 and Rs15000, the registration process of all other remaining prize bonds will start i.e Rs 1500, Rs750, Rs200 and Rs100 Prize Bonds will be registered this.

This is really bad news for the investors of Rs7500 and Rs15000 as the lucky draw of Rs7500 is quite near.

The Prizes will be given against those Prize Bonds Rs7500 and Rs15000 whose draw has already been held.

Also Read: SBP Increased Policy Rate by 150 Base Points

 

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