Finance Minister inaugurates Rs 40,000 premium prize bond

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Finance Minister Ishaq Dar has inaugurated the premium prize bond worth Rs 40,000 with features of monthly profit and prize of Rs 80 million on draw basis.

Premium prize bond will be issued in the name of the investor with direct crediting facility of prize money and profit into investor’s bank account.

It will be available for sale to individuals, public and private institutions except banks, insurance companies and mutual funds through State Bank branches in Islamabad, Lahore, Karachi, Peshawar and Quetta.

Addressing the ceremony, Finance Minister Ishaq Dar said that the premium bond will yield profit every six months.

 

 

27 COMMENTS

  1. Profit is tooooo less,,,
    ,instead govt must have enhanced profit rates on other in vogue schemes rather than keep decreasing to miserable standards

  2. What else you want… get 1.5% in 6 months and enjoy ..even go to world tour or have great parties with ur firends…….insane Pakistani awam…I m sure their would be lines in getting this bond….and in lines people are complaining govt policies 🙂

  3. No reply of my questions since todate ?
    Govt.may ask to increase profit rate to 5% .
    Profit rate already decrease on SSC and on DSC to 6% which is lowest of all time which decreseases investment in the batchet schemes

  4. this Scheme is only for big people who want to whiten their black money. Profit rate should be 5% and prize amount to be reduced to 1 crore with 8 winners of 1st prize. But again as i said …. its not for public.

  5. Instead of 80 million singe prize I would like to suggest eight prizes of 10 million each on 6 month basis. It would enhance the interest of public .

  6. koi soodi kam chorna na….. jo thoray boht log avoid kartay hain . un ko bhi ghaseet k le ao sood khori main. say no to sood.

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  8. Promotion to the black economy with the clear act to story high value in less space. This and many such kinds of schemes are totally anti socioeconomic efforts to promote the illegal money holding in the large denomination.

  9. Black Economy killing the Documented Economy of Pakistan
    General Pervez Musharraf had given the opportunity to the Pakistan media community in establishing their Television Channels under their non-repetition investment or from their own financial resources, means, and arrangement. This had opened a large dam of black money as an investment in the Media Channels and illegal import of equipment which was seen flooded in the local market. Pakistan electronic market key players had opened their representative office in Singapore and Hong Kong, which offered them the facility to pay upon payment received. It is strange to note that remittances of payment were made through Hawala which was beyond any control of State Bank of Pakistan. The media house investors had the financial means and the sources which were largely in the form of black funds, hidden funds and holding funds in trillions that too have no control of State Bank of Pakistan or FBR.
    With all such liberty that the black marketers got from the closed eyes of the government, the Governor State Bank of Pakistan introduces Rs5,000 denomination notes with addition issuance of Prize Bond of Rs 40,000 unregistered that made the large volume of currency and bonds stored at a small hidden space. It encourages the travel of an individual who easily carried Rs. 2 million worth of currency in the pocket and worth of Rs 4 million unregistered Bonds in a briefcase. The Airport authorities close their eyes on such currency smuggling activities at a return of 1% of the total volume of currency and bond to fly abroad. The Dubai market is the heaven of Pak Currency and the main buyers are Indian Money Changers who buy Pak Rupees which was largely bought by CIA, Mossad, RAW and Afghan warlords for their purpose to disturb Pakistan security.
    It is evident that the large funds which were placed in Dubai and Hong Kong were owned by Pakistan Politicians and Civil Servants and for the purpose Off-Shore Accounts that have no cheque book facility is the best storage which is operated with just four pin code or right thumb impression. Some of the agents who deal in escrow services are the operators of such account, which mean the funds do not have the name of the owner but it is placed with lawyers who charge their fee from the profit that is earned in their bank account which belongs to Pakistan depositor.
    With all the black sources that were active since 2000 taken a turn towards safe trade and investment when the then information minister Sheikh Rasheed Ahmed open the permission to introduce parallel electronic media with state-owned media the Pakistan Television Corporation and Pakistan Broadcasting Corporation, the Radio Pakistan. As a result, a large number of jobs created and the media activity become the media industry with all the evils, devils and corruption in money matters. The gutter journalism develops and proofreaders become the anchors. The media owners started the media power through such so-called journalist to acquire the operating capital from malpractice and professional corruption.
    Pakistan media industry from 2001 to 2012 seen high in volume of illegal import of the audio and video equipment and trillion of rupee worth of Audio and Video machinery which was installed in media channels is proven as acquired from stolen duty and taxes purchases. The media houses with fear of declaration of financial means to PEMERA used local third party for such purchases and the third party brought this machinery without duty payment either from Karachi Ports or through dry ports. Pakistan Custom had made billions of rupees in such illegal trade and reliable sources investigated and identify the trillion of rupees scams in the media industry.
    Today 98% of private media houses are broadcasting the programs with only one agenda, what is corruption? Who is involved in corruption? This is to take their share in the black money to have the operative capital for their institution. The question arises that how multimillion worth of programs are produced in the most expensive markets and where the funds are coming from to meet such high expenses. The problems of people are set aside and Channel Rating becomes the motive of the media operation. On the other side of the game, the illegal importer of the media equipment and instrument are so powerful that they cannot be touched as they were the partner of the media houses and using the influence on Customs and Customs intelligence to keep the eye close on such activities. Customs officials are having their share and assuming fearless jobs that they can be removed from the seat. In addition, they are invited to the glimmer of the industry with the fun of wine; women and money which they get pleasure from. The banks are quite to such trade because the State Bank of Pakistan is remaining on honeymoon. The printing of currency and high yield foreign debts are creating the burden of the common taxpayer and media, civil servants, bankers, and smugglers are portraying themselves as “Rome is burning and Nero playing the flute”. General Pervez Mushraff and Mr. Shaikh Rasheed had taken a decision without considering economic difficulties and losses and pleased few and damage the norms and ethics of the entire nation.
    Dr. Isharat Hussain and Dr. Shamshad Akhter were the two governors of State Bank of Pakistan who is accounted for the dilemma of forced liquidation of the prestigious banking institution. The NDFC, Bankers Equity, Indus Bank Limited and Franklin Bank Limited and among these institution the Indus Bank Limited was 92% liquid and safe bank which was push into force liquidation by the then governor Dr Isharat Hussain under personal vendetta with its Chairman Kursheed Sohail and Bankers Equity and NDFC due to its nonperforming loans which were largely taken or given on the recommendation by the political power of Pakistan. Dr. Shamshad Akhter after taking the office from Dr. Isharat Hussain never bother to look into the three institutions and started in the designing of currency notes and introduce Rs5000 note. Thanks to the period she competed without completing her plans to introduce a note of Rs25,000.
    What is mention above has only a few facts that are explained and if the media houses and State Bank of Pakistan are taken under through audit under Francis Audit by an audit firm which does not take influence? On the other side, all large denomination notes must be pulled out from the market circulation and new note of Rs100 to be introduced as the largest denomination note in circulation. The large volume of currency holder should be given 100% amnesty to deposit the hidden wealth without fear and action with the condition that the withdrawals shall be maximum Rs25,000 per transaction tax-free and over and above to the limit of Rs500,000 at WT 0.05%. The amount of wealth kept in the banking account remains exempted from the income tax; whereas non-business accounts above to Rs10 million shall be subject to Wealth Tax of 3% per annum. The black money brought to the bank cannot be replaced with any kind of currency and in any other form except to be kept with the bank and bank should not accept foreign currency deposit in cash to an equal value of Rs 500,000. However, any remittance that appears at the swift message as the banking remittance from authorizing banking institution is not subject to question. But remittance over to Rs.1 million in foreign currency to be permitted by the commercial bank upon satisfaction reason of remittance and on support documentary evidence.
    Credit Cards should be discouraging and Debit Cards to be encouraging without any charges or fee. The balance in Term Deposit, Fixed Deposit, Profit and Loss account or in Current Account should be exempted from any kind of taxes on profit declared by the bank and bank should be declared the profit on a monthly basis by clearly declaring the profit result are without obligation. This will promote the high liquidity that decreases the cost of funds which also decrease the cost of the product and increase the affordability which increases the procurement, production, sully and consumption which need the industrialization and job that decrease the crime in the society. The restriction to the denomination of currency will develop a documented economy which is the contemporary need to overpower the financial and economic crises of Pakistan. ([email protected])

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