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Govt stops selling prize bonds of Rs7,500, Rs15,000


Govt stops selling prize bonds of Rs7,500, Rs15,000
Top Story
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 In another notification, the government has also withdrawn Rs15,000 denominated prize bonds as well.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 R ....

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Govt discontinues Rs25,000 bonds | The Express Tribune


Govt discontinues Rs25,000 bonds
Gives six-month deadline to investors to encash or convert their savings
Pakistanis have invested over Rs739 billion in all types of prize bonds and 22% of the total investment is in Rs25,000 denomi-nation bonds. PHOTO: FILE
ISLAMABAD:
The federal government has discontinued bearer prize bonds of Rs25,000 denomination and has given a six-month deadline to investors to encash or convert their savings of Rs164 billion aimed at addressing concerns of the Financial Action Task Force (FATF).
“New National Prize Bonds of Rs25,000 denomination shall not be sold with immediate effect,” read a finance ministry notification of December 9. It added that those owning the banned prize bonds would have until May 31, 2021 to encash, redeem or get their bonds converted. ....

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