The Ministry of Finance has proposed suspending the sale of prize bonds of three groups – Rs. 7,500, Rs. 15,000, and Rs. 25,000 with prompt impact.
The Finance Division told a gathering that the administration has propelled premium prize bonds of Rs. 40,000 category that offer both, half-yearly benefit and the prize on quarterly draws, in an offer to advance documentation of the economy and offer better outcomes to the financial specialists.
The Finance Division had proposed to pull back the Rs. 40,000 conveyor prize bonds with quick impact. It kept up that the open ought to be given the alternative of change to enroll premium prize bonds, supplanting with Special Saving Certificates/Defense Saving Certificates, or encashment through ledgers.
The division proposed that further sale of bearer National Bonds of the aforementioned denominations should be discontinued from the office of State Bank of Pakistan (SBP) Banking Services Corporation, National Savings Centers, and commercial banks with immediate effect.
However, it maintained that the prize bonds’ draws for these three denominations should continue as per the draw schedule till further orders. The proposals were considered by the Economic Coordination Committee (ECC), which allowed the division to withdraw the Rs. 40,000 prize bonds with the said options for encashment by March 31, 2020.
Till date, no official announcement has been made as to what will become of the other prize bonds of Rs. 7500, Rs. 15,000, and Rs. 25,000
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- Oct 28, 2018