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FINANCE

Prize bond of Rs 25,000 discontinued with immediate effect

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Prize bond of Rs 25,000 discontinued with immediate effect

The government has decided to abolish the prize bond worth Rs 25,000 for banking and financial operations nationwide with immediate effect.

In a circular issued to the CEOs of banks, the central bank said that the Finance Division had issued a notification on December 9, 2020, which discussed the change, redemption, or encashment of 25,000 worth prize bonds. Moreover, 25,000 worth of premium prize bonds needs to register with immediate effect.

Due date for encashment or issuance of premium prize bond

According to the circular, the national prize bonds of worth Rs. 25,000 denominations will not be sold with immediate effect and will not be encashed or redeemed after May 31, 2021. The following initiative aims to address the concerns of the Financial Action Task Force (FATF).

The circular further states that cash payment of the referred bonds not allowed with immediate effect. However, the bondholder will have the following options:

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FATF Requirements

Procedure for encashment or redemption

16 Banks authorized to issue the premium prize bonds in replacement of the discontinued Rs 25,000 prize bond, namely National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Al-Falah Limited.

The bond-holder is required to submit a written application for conversion of barrier bonds to Rs. 25,000 / – Premium Price Bond (Registered) on prescribed application form. The bond-holder will also have to submit the prescribed application form for registration or purchase of premium prize bonds as per the procedure.

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