The Government of Pakistan has decided to discontinue the Rs 25,000 denomination prize bonds from now. Previously there were eight denominations of prize bonds, including Rs 25,000. But from now, there will be seven denominations.
We just got this announcement through some sources of Ary News. The Government initiates this step by addressing concerns of the Financial Active Task Force (FATF). The Government took this step forcefully as there was no other door left.
In response to the failure to check black acts like terrorism, funding/terror financing & money laundering.
Alternate for those having Rs 25,000 prize bonds:
But there is no need to worry about those having these Rs 25,000 prize bonds as its alternate Government will convert these prize bonds into Premium bonds. The procedure of registration will start by the end of December.
Procedure of encashment
Here the procedure to encash money from your prize bonds is below:
- The State Bank of Pakistan SBP will provide a form to the bondholders.
- After filling the form, candidates have to attach a copy of CNIC along with it.
- After submission of the form, SBP will provide them with money.
- The prize money will be transferred directly into the accounts of prize bond winners & will not be given in the form of cash.