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Govt stops selling prize bonds of Rs7,500, Rs15,000
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April 30, 2021
ISLAMABAD: In order to comply with the Financial Action Task Force (FATF) conditions, the government has stopped selling bearer prize bonds of Rs7,500 and Rs15,000 with immediate effect.
Pakistan had to comply with the FATF requirements and one of the conditions was to stop selling bearer prize bonds. The FATF wants documentation of the economy, so it placed the requirement of selling registered prize bonds of Rs25,000 and Rs40,000. In a notification issued here by the Ministry of Finance on Thursday, in terms of sub rule 1 of rule 4 of National Prize Bonds Rules 1999, the Finance Division with the approval of Minister In Charge, is pleased to withdraw Rs7,500 denominated National Prize Bond from circulation with immediate effect. In another notification, the government has also withdrawn Rs15,000 denominated prize bonds as well. Earlier, the government had stopped selling Rs25,000 and Rs40,000 denomin