Another condition of the Financial Action Task Force (FATF) has been met. The government decided to scrap 15,000 and 7,500 Prize bonds.
According to the details, the federal government has decided to scrap 15,000 and 7,500 Prize bonds. Investors have time till June 2021 to cash 15,000 prize bonds. Fifteen thousand prize bonds will be considered trash from July 1 2021. There will be no draw for 15,000 prize bonds.
The deadline for investors to cash 7,500 prize bonds is December 2021.
Prize Bonds holder can also deposit it in their bank account and can also buy savings certificates. The government has previously canceled 25,000 and 40,000 bonds to curb corruption and money laundering.
Prize bonds of Rs 7,500 which are worth Rs 126 billion are in circulation in the country. Prize bonds of Rs 15,000 which are worth Rs 190 billion are in circulation in the country.
According to the notification issued by the Ministry of Finance, on deposit of prize bonds in banks the bank will transfer the amount of prize bonds in their bank account.