The federal government has decided to discontinue Rs25,000 denomination prize bonds.
According to a report by ARY News, the move is aimed at addressing concerns of the Financial Action Task Force (FATF) regarding reported failure to check money laundering and terror financing.
In the first phase, the Rs25,000 denomination bonds will be converted into premium bonds with their registration to start by December-end.
Later, the Rs15,000 and Rs7,000 denomination prize bonds will be registered.
According to reports, bond holders will have to submit a copy of their CNIC and fill a form to be provided by the State Bank of Pakistan (SBP) for encashment of their bonds. The prize on all types of denominations will not be given in cash but transferred to the holders’ account.