PRIZE BOND- encashment date has been extended

The period for cashing prize bonds has been extended by the federal government.

The federal government has issued a notification on December 16 to extend the period for cashing prize bonds, according to which the last date for cashing prize bonds of Rs. Is.

Prize bonds can be exchanged for Savings Certificates and Premium Prize Bonds or even cashed at face value.

Bonds are issued by SBP Banking Services Corporation at 16 field offices and 6 authorized commercial banks namely National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Al Falah Limited. Can be changed in

Earlier, Pakistanis living abroad who have prize bonds had asked for more time to exchange prize bonds in exchange for premium bonds as, according to them, due to travel restrictions in Pakistan, It is not possible to travel.

The government closed the bonds in June 2019, but allowed people to cash in until December 31, 2021.

The decision to phase out prize bonds was taken in view of the recommendations of the Financial Action Task Force (FATF).

FATF claimed that the bonds did not specify ownership and that there was no effective system in place to control the trading of prize bonds.

Following the issuance of premium prize bonds by the PML-N government in April 2017, these prize bonds are issued only for computerized national identity cards and bank accounts of bondholders. Initially, the last date for encashment or redemption was March 2020.

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