The Ministry of Finance has reportedly projected termination of sale of online prize bond of 3 denominations – Rs7, 500, Rs15, 000 and Rs25, 000 with immediate result, sophisticated sources within the Finance Division told Business Recorder.
The Finance Division advised a gathering that as a part of the continued drive to boost documentation of the economy and supply higher come back to the investors, the political party has with success launched premium prize bonds (registered) of Rs forty, 000 denomination which provides each period profit further as a prize on quarterly attracts.
Against the bearer bonds, these registered bonds are safer and not susceptible to forgery and larceny. In line with this, the supply of Rs 40, 000 denomination bearer prize bonds has already been out of print from SBP Banking Services Corporation (BSC) offices, industrial banks and National Saving Centres effective from the day, 2019.
The Finance Division projected to withdraw the bearer bonds of Rs forty,000 denomination with immediate result below rule 4(1) of the Prize Bond Rules, 1999 that general public could also be allowed following choices for replacement/ encashment up to March thirty-one, 2020: (i) conversion to registered premium prize bonds: Bonds is born-again to Registered Premium Prize Bonds through sixteen field offices of SBP BSC, and licensed branches of six industrial banks, ie, NBP, HBL, UBL, MCB, ABL, and Bank Alfalah;(ii) replacement with SSC/DSC – bonds is replaced with Special Savings Certificates/Defense Saving Certificates through sixteen field offices of SBP BSC, licensed banking companies and National Savings Centers; (iii) encashment- bonds are encased and income shall be transferred to the bond holder’s checking account through sixteen field offices of SBP Banking Services Corporation (SBP BSC) further as industrial bank branches and; (iv) award claims- all unpaid award claims are claimed as per procedure inside an amount of six years from the date of relevant draw.
Moreover, Finance Division additionally projected that more sale of bearer National Bonds of Rs seven,500, Rs 15,000 and Rs twenty-five,000 denomination from the offices of SBP Banking Services Corporation, industrial banks, and National Savings Centres could also be out of print with the immediate result. However, prize bonds attract for these 3 denominations, i.e., Rs 7500/Rs fifteen, 000 and Rs twenty-five, 000 could continue as per draw schedule until more orders.
The error correction code thought of the proposals submitted by the Finance Division relating to National Prize Bonds- withdrawal from circulation and allowed Finance Division to withdraw with bearer bonds of Rs forty, 000 denomination with immediate result below rule 4(1) of the Prize Bond Rule, 1999 with following choices for general public for replacement/encashment up to March thirty one, 2020