Time-frame for redemption of prize bonds extended

ISLAMABAD: In a bid to protect the investment of Rs 10 billion in prizes bonds, the government has extended the timeframe for the redemption of prize bonds of Rs 7,500, Rs 15,000, Rs 25,000 and Rs 40,000 up to June 30, 2023. Earlier, the date for encashment of four different prize bonds had lapsed on June 30, 2022, after which these bonds were converted into just pieces of paper.

Keeping in view the complaints of different segments of society, the Ministry of Finance issued four notifications extending the timeframe for the encashment of prize bonds till June 30, 2023.

The Financial Action Task Force (FATF) had never raised objections to these bonds but recommended only documentation. However, on the recommendation of the previous SBP governor, the government abandoned the prize bonds, but there was still an investment of Rs 10 billion in which encashment could not take place within the envisaged deadline.

According to the Statutory Regulator Order (SRO) issued by the Ministry of Finance, stating that in continuation of this division’s notification No F l6 (3) GS-V2 Ot4-299, dated March 29, 2022, the last date for encashment/conversion/redemption of national prize bonds of Rs 7,500 has been extended up to June 30, 2023. The procedure for encasment/conversion/redemption of Rs 7,500 national prize bonds issued vide above-referred notification will continue to be observed.

In the second SRO, in continuation of this division’s notification No F 16 (3) GSIl2O14-2g8, dated March 29, 2022, the last date for encashment/conversion/redemption of national prize bonds of Rs 15,000 has been extended up to June 30, 2023. The procedure for encashment/conversion/redemption of Rs 15,000 bonds issued vide above-referred notification will continue to be observed. In continuation of this division’s notification No F 16 (3) GSIl2ol4-2g7, dated March 29, 2022, the last date for encashment/conversion/redemption of Rs 25,000 bonds has been extended up to June 30, 2023. The procedure for encashment/conversion/redemption of Rs 25,000 bonds issued vide above-referred notification will continue to be observed.

In continuation of this division’s notification No F 16 (3) GS112014-29r$, dated March 29, 2022, the last date for encashment/conversion/redemption of Rs 40,000 bonds has been extended up to June 30, 2023. The procedure for encashment/conversion/redemption of Rs 40,000 bonds issued vide above-referred notification will continue to be observed.