Karachi: The State Bank of Pakistan has banned the sale of old Rs 40,000 Prize Bonds from today (Tuesday).
The expiry date for enchantments of these bonds is March 31, 2020,
After that, the bonds will become useless since they would no longer be included in draws.
The SBP has also directed banks to stop selling old and unregistered Rs.40,000 Prize Bonds.
According to the State Bank, the bonds would be converted into Rs.40,000 Premium Prize Bonds and they can also be converted into saving certificates.
It is estimated that the worth of all prize bonds stands at over Rs. 940 billion in which the share of prize bond of Rs. 40,000 is nearly Rs. 600 billion.
Prize Bonds of Rs. 40,000?
The bondholders are having the following options to replace these bonds:
- Conversion to Premium Prize Bonds (Registered).
- Replacement with Special Saving Certificate (SSC)/ Defence Savings Certificate.
Rs 40,000 Bearer Prize Bonds could be converted to Premium Prize Bonds (Registered) through 16 field offices of SBP Banking Services Corporation,
And authorized branches of six commercial banks i.e. National Bank of Pakistan, United Bank Limited,
MCB Bank Limited, Allied Bank Limited, Habib Bank Limited, and Bank Alfalah Limited.
Method OF Converting Bonds
The method to convert prize bonds includes the submission of a written application by its holders for Premium Prize Bonds. The application forms are available Here.
In addition, the statement said, Rs.40,000 Bearer Prize Bonds holder can avail the opportunity to replace the bonds
With Defence Saving Certificates (DSC) or Special Saving Certificates (SSC) through the 16 field offices of SBP Banking Services Corporation,
Authorized commercial banks, and National Savings Centres.
Expiry Of Prize Bonds
Chairman Federal Board of Revenue (FBR) Shabbar Zaidi Saturday said all the prize bonds worth Rs 40,000 would be registered till 2020 as it was mandatory.
The unregistered prize bonds would be considered useless if not registered, he said talking to a private news channel.