Deadline for Encashment of Prize Bonds Extended propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.
Rs15,000, Rs7,500 prize bond to be discontinued: notification
By
A picture of various government issued prize bonds. Photo: File
Notification says government will no longer hold draws for the Rs 7,500 and Rs 15,000 bond.
Notification says Rs15,000 bonds will no longer be cashable after June 30
Notification says Rs7,500 bonds can only be encashed till December 31.
The government on Thursday announced that it will be discontinuing the use of Rs15,000 and Rs7,500 bonds, according to a notification issued by the federal government.
The notification stated that the government will no longer hold draws for the two bonds.
The government said that Rs 15,000 bonds will no longer be cashable after June 30 and the Rs7,500 bonds can only be encashed till December 31.
Govt announces discontinuation of Rs15,000 and Rs7,500 bonds
Business
Thu, Apr 29, 2021
A notification issued by the federal government on Thursday showed that the Rs15,000 and Rs7,500 bonds will be discontinued.
The notification stated that the government will no longer hold draws for the two bonds.
The government said that Rs 15,000 bonds will no longer be cashable after June 30 and the Rs7,500 bonds can only be encashed till December 31.
The notification stated that people who do not wish to cash the bonds can pay an additional amount and convert them into Rs25,000 and Rs40,000 bonds. It also stated that the users can convert those bonds into special savings and defence saving certificates.
Govt decides to discontinue Rs15,000, Rs7,500 bonds
Published On
Investors have time till December 2021 to redeem Rs 7,500 bonds.
KARACHI (Dunya News) – Fulfilling yet another condition of the Financial Action Task Force (FATF), the government has decided to discontinue the prize bond valuing Rs 15,000 and Rs 7,500 for banking and financial operations across the country from June 2021 and December 2021 respectively.
The federal government has decided to discontinue Rs 15,000 and Rs 7,500 bonds and the investors have time till June 2021 to redeem Rs 15,000 bonds.
According to the circular, National Prize Bonds of Rs 15,000 denomination will not be encashed or redeemed considered a piece of paper from July 1.
Govt discontinues Rs25,000 bonds
Gives six-month deadline to investors to encash or convert their savings
Pakistanis have invested over Rs739 billion in all types of prize bonds and 22% of the total investment is in Rs25,000 denomi-nation bonds. PHOTO: FILE
ISLAMABAD:
The federal government has discontinued bearer prize bonds of Rs25,000 denomination and has given a six-month deadline to investors to encash or convert their savings of Rs164 billion aimed at addressing concerns of the Financial Action Task Force (FATF).
“New National Prize Bonds of Rs25,000 denomination shall not be sold with immediate effect,” read a finance ministry notification of December 9. It added that those owning the banned prize bonds would have until May 31, 2021 to encash, redeem or get their bonds converted.