Govt withdraws PKR 7,500 prize bonds from circulation with immediate effect

Islamabad: The government on Thursday has announced its decision to withdraw prize bonds of PKR 7,500 denomination with immediate effect and has enabled its conversion into registered bonds of higher denomination, according to a news source.

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The said decision was conveyed through a notification issued by the finance ministry declaring that the government had ordered to “withdraw Rs7,500 denomination National Prize Bonds from circulation with immediate effect under Sub-Rule 1 of Rule 4 of National Prize Bonds Rules 1999”.

Moreover, the notification stated the bonds of PKR 7,500 denominated will be encashed or redeemed after December 31, 2021, and not to be sold with immediate effect. However, Sub-Rule 2 will not apply to the winning bonds and they will be handled under Rule-15.

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The bondholders will have the following three options to replace or encash them:

1. Conversion of PKR 7,500 bonds into Premium Prize Bonds (registered) of denomination of PKR 25,000 or PKR 40,000
2. The bonds can be replaced by Special Savings or Defence Savings certificates
3. The bonds will be encashed only by transferring the proceeds to the bond holders’ bank accounts

Reportedly, from now onwards, no further draw of PKR 7,500 denomination bonds shall be held.