SBP extends deadline for encashment of prize bonds

KARACHI: The State Bank of Pakistan (SBP) has announced the extension in last date for encashment/conversion/redemption of Rs 40,000, Rs 25,000, Rs 15,000 and Rs 7,500 denomination national prize bonds withdrawn from circulation has been extended up to June 2024.

Previously, the last date for encashment/conversion/redemption of captioned denominations of National Prize Bonds (NPBs) was communicated as June 30, 2023.

In this connection, the Finance Division, Government of Pakistan has extended the last date for encashment/ replacement/ conversion of Rs 40,000, Rs 25,000, Rs 15,000 and Rs 7,500 denomination National Prize Bonds (bearer) respectively up to June 30, 2024.

Accordingly, all branches of commercial banks have been advised to accept requests for encashment/conversion/redemption of cited denominations from general public till June 30, 2024.

Further, the banks shall submit branch/region wise consolidated data of cited denomination NPBs held by them on last date i.e. June 30, 2024 latest by July 2, 2024. Moreover, it is advised that all commercial banks shall surrender the cited prize bonds latest by July 31, 2024.

Copyright Business Recorder, 2023