As per the notification issued by the ministry of finance dated 16th December 2021 the last date to exchange, replace and convert Bearer prize Bonds discontinued prize bonds worth Rs7500,15000,25000 and 40,000 has been further extended to 31 March 2022.
As per the new notification, Govt has given three more months to the holders of the bearer discontinued Prize Bonds to exchange them and after the due date, the bearer and discontinued bonds of above-given denomination will stand to be just a piece of paper.
Before all the biggest denomination prize Bond of worth Rs.40,000 was discontinued on 24 June 2019 and the dates to change, replace and deposit into accounts have been extended and now the last date has been kept as 31 March 2022.
Later on 10th December 2020, the second biggest denomination prize Bond of worth Rs.25000 was discontinued and the last date to exchange, replace and convert have been extended till 31 March 2022.
At third. the two more bearer prize bonds of worth Rs.7500 and Rs15000 were discontinued on 28th April 2021 and the dates have also been extended to exchange, replace and convert these bonds and now the final date is 31 March 2022.
There is still a lot of bands out there which needed to be encashed for the discontinued bearer Prize bonds and this is the main reason why Govt is extended the date as soon as the last date to encash them arrives.
There is a huge amount of Rs28 billion is still out there in the market in investors’ hands which yet have not been encashed.
The overall investment in Prize bond is decreased because of the uncertainity in the prize bonds future and the total number of bearer bonds have been decreased.
people feel more comfortable for the bearer bonds and they are not yet ready for the premium type of bonds but due to international restrictions on bearer bonds Govt had to discontinue them.
until now the total bearer bonds of 4 denominations have been discontinued but just two premium bonds haveen issued in the denomination of Rs25000 and Rs.40,000