The Ministry of Finance has decided to discontinue Rs7,500 denomination national prize bonds from circulation with immediate effect.
“Prize bonds of Rs7500 denomination shall not be sold with immediate effect and will not be encashed/redeemed after the end of,” according to a notification issued by the Ministry of Finance.
Similarly, Rs 15,000 denomination prize bonds would not be sold with immediate effect and will not be encashed after June 30, 2021.
No further draw of Rs 7500 and Rs 15,000 denominations prize bonds would take place, Ministry of Finance added.
The statement also said that the bondholders would be able to convert their bonds to premium prize bonds (registered) of denomination of Rs25,000 and Rs40,000 through 16 field offices of the State Bank of Pakistan (SBP) Banking Services Corporation, and branches of six commercial banks; including National Bank of Pakistan, Habib Bank, United Bank, MCB, Allied Bank and Bank Alfalah Limited.
The government previously discontinued Rs25,000 and Rs40,000 bonds and converted them into registered premium prize bonds.
The Financial Action Task Force had demanded Pakistan discontinue prize bonds to eradicate corruption and money laundering.
Moreover, the notification added that the discontinued bond can also be replaced with Special Savings Certificates/Defence Savings Certificates and will only be encashed by transferring the proceeds to the bondholder’s bank account.
Also on Thursday, the Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, chaired the Steering Committee meeting for Pakistan Single Window at the Finance Division today.
SAPM on Finance and Revenue, Dr. Waqar Masood was also present during the meeting. Member Customs, FBR updated the Finance Minister on the progress made regarding the implementation of the first phase of the Pakistan Single Window (PSW).
While reviewing the progress on PSW, the Finance Minister stated that time is of the essence in meeting targets for timely execution. He urged senior representatives of FBR and departments concerned to make an all-out effort for the completion of this highly transformational project which will pave way for ease in imports and exports.