According to the recent notification of the Government of Pakistan, they have stopped selling the denomination of Rs 7,500 and 15,000 prize bonds right now. The reason is; that the Government has to act upon the terms and conditions of the Financial Action Task Force (FATF).
So, to follow the rules of FATF, the Government has implemented the notification of discontinuation of 2 denominations on Thursday. Earlier, FATF has placed the condition of selling registered denomination of Rs 25,000 & 40,000 of the prize bonds as they want the confirmation of the economy.
The reference of sub-rule #1 of rule #4 of National Prize Bond Rules (1999) in the notification provided by the Ministry of Finance states that ‘‘with the approval of the Minister of charge, the Finance Division is withdrawing the National denomination of currently running prize bonds of Rs 7,500 and 15,000’’.
From the presently circulating prize bonds, these two denominations are the most recent ones which the Government has discontinued.
Earlier, Rs 40,000 prize bond was the biggest denomination, but after its discontinuation, now Rs 1,500 prize bond has taken its place as the biggest currently circulating denomination. Now, look at the currently available prize bond denominations below:
The official sources have claimed that the current discount rate was not too high, but the government officials have terminated the cheapest mode of getting funds of the budget shortfall through the prize bonds. They have added that People had invested more than Rs 100 billion in the ongoing prize bond denominations of Rs 1,500 and 7,500. Interestingly, its draw was about to take place next week, but now it is no longer available.
Moreover, the people who have already registered the prize bonds of Rs 25,000 and 40,000 should follow the steps below:
- They can visit any branch from the 16 units of the State bank of Pakistan or any branch of six affiliated commercial banks.
- After seeing these centers, they can look upon the options of replacing the prize bonds or receiving the asking price.