ISLAMABAD: The federal government on Tuesday extended the date of encashment/redemption of Rs40,000 denomination national prize bonds for another three months.
“In term of sub-rule 1 of rule 4 of the Prize Bonds Rules 1999, as amended vide notification no 20(7)GS-1/2018-326 dated March 6, 2020, the Finance Division with the approval of the minister-in-charge, is pleased to extend the last date for encashment/redemption of Rs40,000 denomination national prize bonds with immediate effect till June 30, 2020,” read a notification issued by the finance ministry. “The procedure for encashment of Rs40,000 denomination national prize bonds, issued vide SRO 735(1)/2019 dated 24/6/2019, shall continue to be observed.”
Earlier, the State Bank of Pakistan in February last month instructed all banks’ CEOs and presidents to withdraw the Rs40,000 denomination national prize bonds till March 31, 2020. The banks were also directed to submit the consolidated bank-wide position to the currency management department on April 1st. According to the statement, the SBP Inspection Team can inspect data submitted by commercial banks.
It is pertinent to mention that the Finance Division had limited the sale of prize bonds of Rs40,000 denomination after 24 June 2019. It meant that no bond of Rs40,000 would be sold, redeemed or encashed after 24 June 2019.