Karachi: The State Bank of Pakistan (SBP) has set June 30 as the last date for the conversion and encashment of (unregistered) prize bonds of PKR 40000, 25000, 15000, and 7500, news sources reported. The banks have been asked to exchange bonds until the specified last date.
Reportedly, the SBP has extended the deadline for exchanging prize bonds to March 30, 2022. To prevent inconvenience, citizens are encouraged to exchange their prize bonds before the deadline. The announcement further said that banks would not accept or encash any prize bonds after the due date. The said bonds may be exchanged at authorised SBP, National Savings Center, and bank branches.
It is worth noting that the government decided to abolish all prize bonds in order to bring undocumented wealth into the tax fold. To replace the old prize bond system, the SBP also issued digital bonds linked to bank accounts.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
