SBP Bans Sale Of Rs 40,000 Prize Bonds

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.