SBP Bans Sale Of Rs 40,000 Prize Bonds
Mahnoor Sheikh (@mahnoorsheikh03) Published June 25, 2019 | 04:59 PM
The State bank of Pakistan has also directed banks to stop selling old and unregistered bonds of Rs40,000.
Islamabad (UrduPoint / Pakistan Point News – 25th June, 2019) The State Bank of Pakistan (SBP) has banned the sale of prize bond worth Rs40,000 from today, June 25.
The SBP has also directed banks to stop selling old and unregistered bonds of Rs40,000.
These bonds can be encashed by March 31, 2020 after that the bonds will become useless since they would no longer be included in draws.
According to the central bank, the bonds would be converted into Rs40,000 Premium Prize Bonds. Moreover, they can also be converted into saving certificates.
Rs40,000 Bearer Prize Bonds can be converted to Premium Prize Bonds (Registered) through 16 field offices of SBP Banking Services Corporation,and authorized branches of six commercial banks.
In case the bond holder desires to encash the bond, the encashment proceeds would be credited to the specified bank account of the holder.
In this context, SBP as well as all the banks would extend their maximum support to make sure the transfer of payments to respective account of the holder.
The government had decided to discontinue Rs40,000 prize bonds.
However, all the prize money claims on the already held draws shall be claimable within the period of six years from the date of respective draw, as per National Prize Bonds Rules, 1999.
Related Topics
Recent Stories
At least 10 people killed in Brazil fire: officials
Shahzaib Rind calls on Deputy Speaker Balochistan
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-le ..
DC Tharparkar inaugurates anti-polio campaign
HDA Mehran workers demand salaries
Taxila police nab motorcycle lifter gang
Inter-university weightlifting championship kicks off at SAU
Walk held in a series of enrollment campaigns
Team from Gaza mediator Egypt arrives in Israel for truce talks
Kids murders: IHC orders psychiatric examination of mother
Health minister credits PML-N for advancements in organ transplantation
Court grants interim bail to Azam Swati in cyber crime case
More Stories From Pakistan
-
DC Tharparkar inaugurates anti-polio campaign
21 minutes ago -
HDA Mehran workers demand salaries
28 minutes ago -
Taxila police nab motorcycle lifter gang
25 minutes ago -
Walk held in a series of enrollment campaigns
25 minutes ago -
Kids murders: IHC orders psychiatric examination of mother
25 minutes ago -
Health minister credits PML-N for advancements in organ transplantation
24 minutes ago
-
Court grants interim bail to Azam Swati in cyber crime case
24 minutes ago -
Commissioner chairs meeting of divisional task force for polio
24 minutes ago -
Abuser boy arrested in Taxila
24 minutes ago -
Drugs peddler gets 9 years imprisonment
21 minutes ago -
03 youngsters killed after tractor trolley runs over motorcycle
21 minutes ago -
Climate change poses severe threats to Pakistan, Balochistan: Samina Zehri
21 minutes ago