Govt stops selling prize bonds of Rs7,500, Rs15,000
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April 30, 2021
ISLAMABAD: In order to comply with the Financial Action Task Force (FATF) conditions, the government has stopped selling bearer prize bonds of Rs7,500 and Rs15,000 with immediate effect.
Pakistan had to comply with the FATF requirements and one of the conditions was to stop selling bearer prize bonds. The FATF wants documentation of the economy, so it placed the requirement of selling registered prize bonds of Rs25,000 and Rs40,000. In a notification issued here by the Ministry of Finance on Thursday, in terms of sub rule 1 of rule 4 of National Prize Bonds Rules 1999, the Finance Division with the approval of Minister In Charge, is pleased to withdraw Rs7,500 denominated National Prize Bond from circulation with immediate effect. In another notification, the government has also withdrawn Rs15,000 denominated prize bonds as well. Earlier, the government had stopped selling Rs25,000 and Rs40,000 denomin
Govt decides to discontinue Rs15,000, Rs7,500 bonds
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Investors have time till December 2021 to redeem Rs 7,500 bonds.
KARACHI (Dunya News) – Fulfilling yet another condition of the Financial Action Task Force (FATF), the government has decided to discontinue the prize bond valuing Rs 15,000 and Rs 7,500 for banking and financial operations across the country from June 2021 and December 2021 respectively.
The federal government has decided to discontinue Rs 15,000 and Rs 7,500 bonds and the investors have time till June 2021 to redeem Rs 15,000 bonds.
According to the circular, National Prize Bonds of Rs 15,000 denomination will not be encashed or redeemed considered a piece of paper from July 1.
National Saving Certificate Latest Profit Rates 2021
National Saving Certificate profit rates increased by the Finance Ministry. The new rates will come into effect from January 21. Check out the details of the increases below.
For those who do not know, National Saving Schemes certificates have vital importance for the country’s citizens. These saving schemes enable people to deposit their savings and receive a percentage of profit each month. With the help of it, many retired and senior citizens have been able to live independently. According to the recently issued revised list of profits by the Finance Minister, there is surely great news for national saving account holders. The government has issued a revised national saving certificate profit policy by increasing the profit percentage for different national certificates.
The rate of return on savings accounts remains unchanged at 5.5pc. Reuters/File
ISLAMABAD: The government on Thursday revised upward profit rates on all national saving schemes and accounts of the Central Directorate of National Savings. The new rates will be applicable to deposits and investment with effect from January 21.
According to several notifications issued by the finance ministry, profit on Defence Savings Certificate has been increased by 0.93 percentage points to 9.42pc from 8.49pc. The DSC rate had been steadily on the rise since July 1, 2018 and it peaked to 13.01pc in October 2019.
The rate of return on Behbood Savings Certificate has been increased by 0.96 percentage points to 11.28pc from 10.32pc. On May 1, 2018, the BSC rate was 10.08pc that reached 14.76pc in October 2019.
Profit rates on National Saving Schemes certificates increased
Pakistan
Profit rate on savings account to remain at 5.5%
New rates to come into effect from January 21
The Finance Minister on Thursday issued a revised list of profit rates on various National Saving Schemes certificates.
According to the new rates, the profit on the Defence Saving Certificate has been revised to 9.42% from 8.49%. Likewise, profit on Regular Income Certificates has increased to 9% from 8.04%.
The profit rate on the Special Savings Certificate has increased from 7.77% to 7.97%, while the Behbood Savings Certificates profit rate has increased to 11.28% from 10.32%.
The profit rate has also been increased on Pensioners Benefit Accounts to 11.28% from 10.32%. The profit rate has also increased on the Shuhada Family Welfare Account to 11.28% from 10.32%.