ISLAMABAD: Minister of State for Finance and Revenue Bilal Azhar Kiyani announced that 99.5% of discontinued bearer prize bonds have been successfully redeemed, with the government considering potential relief for the remaining 0.5% if a significant number of verifiable applications are received.
In response to a query raised by MNA Aliya Kamran, Kiyani informed the National Assembly that the decision to discontinue bearer prize bonds of Rs40,000, Rs25,000, Rs15,000, and Rs7,500 denominations was made between 2019 and 2021, in line with Pakistan’s commitment to the Financial Action Task Force (FATF) regulations.
The minister explained that investors were given an initial six-month period to redeem or convert their bonds, with multiple extensions granted. In total, some bonds received up to nine extensions, with the final deadline set for December 2024.
Kiyani outlined three redemption options: converting the bonds into registered premium bonds, investing in national savings schemes, or redeeming through bank accounts. He noted that due to effective public awareness efforts, Rs738.5 billion of the total Rs742 billion had been redeemed, leaving only Rs3.5 billion (0.5%) unredeemed.
“Despite five years and several extensions, only a small portion remains outstanding,” he said. “If a significant number of verifiable applications are received, we may consider appropriate relief measures.”
Addressing concerns raised by Ms. Kamran regarding overseas Pakistanis and those unable to meet deadlines due to special circumstances, Kiyani assured that the government would review such cases on merit.
Ms. Kamran emphasized that many overseas Pakistanis had prize bonds stored in personal belongings or lockers and unintentionally missed the deadline. She urged the government to consider providing special relaxation for these individuals in the interest of goodwill and financial inclusion.
Kiyani reaffirmed that the broader objective of discontinuing and digitising prize bonds was to modernise the financial system and comply with international standards. He also indicated that further details regarding the digital transformation of national savings and prize bond reforms could be presented to the House or relevant committees for further review.
The minister assured that any future policy adjustments would be made transparently and through proper mechanisms.
