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Economy

Diamonds are Forever Not Govt Bonds: Govt decides to withdraw Rs7,500 denomination prize bonds

Only the prize winning bonds will be encashed or redeemed after December 31, 2021

With Immediate effect, the government has decided to withdraw prize bonds of Rs7,500 denomination and its conversion will be allowed into registered bonds of higher denomination.

On this, the Finance Ministry notification said, “to withdraw Rs7,500 denomination National Prize Bonds from circulation with immediate effect under Sub-Rule 1 of Rule 4 of National Prize Bonds Rules 1999”.

It further said the prize bonds of Rs7,500 denomination shall not be sold with immediate effect and will not be encashed or redeemed after December 31, 2021, except the prize-winning bonds in which case Rule-15 shall apply instead of Sub-Rule 2 of rule.

Three options will be given to bondholders in order to replace or encash these bonds. First, the Rs7,500 bonds can be converted into Premium Prize Bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) through 16 field offices of the SBP Banking Services Corporation, and branches of six commercial banks — National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.

Second, these bonds can be replaced with Special Savings or Defence Savings certificates through the 16 field offices of the SBP Banking Services Corporation, authorized commercial banks, and National Savings Centres.

Third, these bonds will only be encashed by transferring the proceeds to the bond holders’ bank accounts through the 16 field offices of the SBP Banking Services Corporation as well as the authorized commercial bank branches and to the savings accounts at National Savings Centres.

Furthermore, the notification stated that no further draw of Rs7,500 denomination bonds shall be held from now onwards.

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