The Ministry of Finance has reportedly proposed discontinuation of sale of prize bonds of three denominations - Rs7,500, Rs15,000 and Rs25,000 with immediate effect, well-informed sources in the Finance Division told Business Recorder.
The Finance Division informed a meeting that as part of the ongoing drive to enhance documentation of the economy and offer better return to the investors, the GoP has successfully launched premium prize bonds (registered) of Rs 40,000 denomination which offer both biannual profit as well as prize on quarterly draws.
Against the bearer bonds these registered bonds are more secure and not prone to forgery and theft. In line with this, the issuance of Rs 40,000 denomination bearer prize bonds has already bee discontinued from SBP Banking Services Corporation (BSC) offices, commercial banks and National Saving Centres effective from February 14, 2019.
The Finance Division proposed to withdraw the bearer bonds of Rs 40,000 denomination with immediate effect under rule 4(1) of the Prize Bond Rules, 1999 for which general public may be allowed following options for replacement/ encashment upto March 31, 2020: (i) conversion to registered premium prize bonds: Bonds can be converted to Registered Premium Prize Bonds through 16 field offices of SBP BSC, and authorized branches of six commercial banks, ie, NBP, HBL, UBL, MCB, ABL and Bank Alfalah;(ii) replacement with SSC/DSC - bonds can be replaced with Special Savings Certificates/Defense Saving Certificates through 16 field offices of SBP BSC, authorized commercial banks and National Savings Centers; (iii) encashment- bonds can be encashed and proceeds shall be transferred to the bond holder's bank account through 16 field offices of SBP Banking Services Corporation (SBP BSC) as well as commercial bank branches and; (iv) Prize money claims- all unpaid prize money claims can be claimed as per procedure within a period of six years from the date of relevant draw.
Moreover, Finance Division also proposed that further sale of bearer National Bonds of Rs 7,500, Rs 15,000 and Rs 25,000 denomination from the offices of SBP Banking Services Corporation, commercial banks and National Savings Centres may be discontinued with immediate effect. However, prize bonds draws for these three denominations, ie, Rs 7500/Rs 15,000 and Rs 25,000 may continue as per draw schedule till further orders.
The ECC considered the proposals submitted by the Finance Division regarding National Prize Bonds- withdrawal from circulation and allowed Finance Division to withdraw with bearer bonds of Rs 40,000 denomination with immediate effect under rule 4(1) of the Prize Bond Rule, 1999 with following options for general public fro replacement/encashment up to March 31, 2020
A) Conversion to registered premium prize bonds: The bonds can be converted to Registered Premium Prize Bonds through 16 field offices of SBP BSC, and authorized branches of six commercial banks, ie, NBP, HBL, UBL, MCB, ABL and Bank Alfalah.
B) Replacement with SSC/DSC: The bonds can be replaced with Special Savings Certificates/Defense Saving Certificates through 16 field offices of SBP BSC, authorized commercial banks and National Savings Centers.
c) Encashment: The bonds can be encashed and proceeds shall be transferred to the bond holder's bank account through 16 field offices of SBP Banking Services Corporation (SBP BSC) as well as commercial bank branches.
d) Prize money claims: All unpaid prize money claims can be claimed as per procedure within a period of six years from the date of relevant draw.
The State Bank of Pakistan has already directed commercial banks to withdraw Prize Bonds of Rs 40,000 denominations with immediate effect; however, the fate of prize bonds of Rs 7,500, Rs 15,000 and Rs 25,000 denominations is still unclear.
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