KARACHI: The State Bank of Pakistan has announced that National Prize Bonds of Rs. 25,000 denomination will not be sold with immediate effect and will not be encashed/redeemed after 31st May 2021.
The Finance Division (Budget Wing), Government of Pakistan has already announced conversion/redemption/encashment of Rs. 25,000 denomination National Prize Bonds and issuance of Rs 25,000 denomination Premium Prize Bonds (Registered), with immediate effect.
In this connection, the SBP has issued guidance for meticulous compliance. According to the SBP, National Prize Bonds of Rs. 25,000 denomination will not be sold with immediate effect and will not be encashed/redeemed after 31st May 2021. Cash payment for encashment of cited bonds is not allowed. However, the bond holder(s) will have the options to replace/encash these bonds in to Premium Prize Bonds (Registered).
The bonds can be converted to Rs. 25,000 denomination Premium Prize Bonds (Registered) through the 16 field offices of SBP Banking Services Corporation, and branches of six authorized commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.
The authorized commercial banks will also issue Rs. 25,000 denomination Premium Prize Bonds (Registered) as per the prescribed procedure, with immediate effect. Stock of the same has already been delivered to authorized commercial banks.
The bondholder will be required to submit a written request for conversion of bearer bonds to Rs. 25,000/- Premium Prize Bonds (Registered) on the prescribed application form attached at Annexure A.
The bondholder will also be required to submit prescribed application forms for registration/purchase of Premium Prize Bonds as per the procedure in vogue.
The Bonds can be replaced with Special Savings Certificate (SSC)/Defence Savings Certificate (DSC) through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Savings Centers.
All authorized commercial banks will, therefore, accept requests for replacement of bearer bonds with SSC or DSC on the prescribed application form attached at Annexure A.
The bondholder will also be required to submit application form for purchase of SSC/DSC.
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, at authorized commercial bank branches and to the Savings Accounts at National Savings Centers.
All commercial banks will receive request for encashment of bearer bonds on the prescribed application and A copy of the application form, duly signed and stamped, shall be provided to the bondholder as an acknowledgement receipt.
Moreover, the prize bonds encashed/replaced by general public may be surrendered to concerned SBP BSC office through respective regional office of the commercial bank. For the purpose, the regional office may intimate the SBP BSC office three days in advance so that necessary arrangements for receipt of the bonds can be made.
Copyright Business Recorder, 2020
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