Karachi: The State Bank of Pakistan (SBP) has extended the deadline for encashment and replacement of PKR 7,500, 15,000, 25,000, and 40,000 (unregistered) prize bonds till June 30, 2022. The previous deadline was set for March 31.
Reportedly, Circular No. 2 dated March 30, 2022, was issued by the SBP Banking Services Corporation (Bank) Currency Management Department (CMD). The CMD has recommended that all branches accept requests from the general public for encashment/conversion/redemption of the listed currencies until June 30, 2022.
Furthermore, according to the instructions in the aforementioned CMD Circular, banks must send branch/region-wise aggregated statistics of indicated denomination NPBs held by them on the final day, i.e. June 30, 2022, no later than July 4, 2022.
In December 2021, the government initiated a campaign to document the economy and phase out unregistered paperback prize bonds. Under the scheme, unregistered prize bonds of PKR 7,500, PKR 15,000, PKR 25,000, and PKR 40,000 denominations can be converted to digital PKR 40,000 and PKR 25,000 denomination premium prize bonds (registered).
The conversion may be done through SBP Banking Services Corporation’s 16 field offices and branches of 19 authorized commercial banks, as previously announced by the central bank. The premium bonds will be issued solely against the purchasers’ CNIC number and will be linked to their bank account.
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.
