Finance Division (Budget Wing), Government of Pakistan issued Notifications No. F.16(1)BS /2021-750 and F.16(1)BS /2021-751 dated April 28, 2021, regarding conversion / redemption / encashment of Rs. 15,000/- and Rs. 7,500/- denomination National Prize Bonds, with immediate effect.
In this connection, the following instructions issued for information, guidance and compliance:
a) National Prize Bonds of Rs. 15,000/- and Rs. 7,500/- denomination shall not be sold with immediate effect. b) Cash payment for encashments of cited bonds is NOT allowed. However, the bondholder(s) shall have the following options to replace / encash these bonds:
1) Conversion to Premium Prize Bonds (Registered)
i. The Bonds can be converted to Rs. 40,000/- and Rs. 25,000/-
denomination Premium Prize Bonds (Registered) through the 16 field offices of SBP Banking Services Corporation, and branches of 19 authorized commercial banks, list of which is available at https://www.sbp.org.pk/sbp_bsc/PrizeBond/ConsolidatedListBranches-PPB.pdf.
ii. The bondholder shall be required to submit a written request for conversion of bearer bonds into Rs. 40,000/- and Rs. 25,000/- Premium Prize Bonds (Registered) on the prescribed application form attached at Annexure A.
iii. The bondholder shall also be required to submit prescribed application forms for registration / purchase of Premium Prize Bonds as per the procedure in vogue.
2) Replacement with Special Savings Certificate (SSC) / Defence Savings
i. The Bonds can be replaced with SSC / DSC through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Savings Centers.
ii. All authorized commercial banks shall, therefore, accept requests for replacement of bearer bonds with SSC or DSC on the prescribed application form attached at Annexure A.
iii. The bondholder shall also be required to submit application form for purchase of SSC / DSC (SC-1) as per the prescribed procedure.
3) Encashment of Face Value
i. The Bonds will only be encashed by transferring the proceeds to the bond holder`s bank account through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and to the Savings Accounts at National Savings Centres.
ii. All commercial banks shall receive request for encashment of cited denomination NPBs on the prescribed application form attached at Annexure A.
LAST DATES FOR ENCASHMENT & REDEMPTION
The last date for encashment / redemption of Rs. 15000/- denomination is June 30, 2021 and the last date for encashment of Rs. 7500/- denomination is December 31, 2021. d) Please note that no further draws of Rs. 15,000/- and Rs. 7,500/- denomination. National Prize Bonds of Rs. 15,000/- and Rs. 7,500/- denominations tendered at the counters of banks shall be subject to thorough scrutiny to ascertain their genuineness. In this regard, details regarding the security features of National Prize Bonds are available on SBP website at http://www.sbp.org.pk/sbp_bsc/PrizeBond/PrizeBond.asp
A copy of the application form (Annexure A), duly signed and stamped, will require to provide to the bondholder as an acknowledgement receipt. Moreover, the prize bonds encashed / replaced by general public will require to surrender to concerned SBP BSC office as per the prescribed procedure.
The banks shall submit data regarding conversion / encashment / redemption to CMD HOK on daily basis as per the format attached at Annexure-B. Further, the Head Offices of commercial banks shall solicit details of prize bonds physically held by each Branch / Regional Office as on June 30, 2021 for Rs. 15000/-
denomination and as on December 31, 2021 for Rs. 7500/-. Accordingly, the consolidated Bank wide position shall share with CMD SBP BSC on the prescribed format attached at Annexure C via email at CMD.HOKPB@sbp.org.pk latest by next working day from the last date for encashment. NIL report also required in case no prize bonds held by a bank.
Circular issued by State Bank of Pakistan.
Authorized Commercial Banks to Deal in Premium Prize Bonds (Registered).
Prize Bonds | 15000 | 7500 | Premium Prize Bonds | Encashment of Prize Bonds | Investment of Prize Bonds in Saving Schemes | State Bank of Pakistan | Branches of Banks |