SBP Announces Final Deadline for Returning Prize Bonds


SBP Announces Final Deadline for Returning Prize Bonds

The State Bank of Pakistan (SBP) has officially announced the final deadline for the encashment, replacement, or conversion of prize bonds with denominations of Rs. 7,500, Rs. 15,000, Rs. 25,000, and Rs. 40,000. As per the SBP directive, the last date for returning these bonds is June 30, 2024. This marks the end of the government’s drive to phase out these high-denomination prize bonds.

Background of the Initiative

The decision to discontinue these prize bonds was initially made in 2019 as part of the government’s efforts to combat money laundering and undocumented wealth. Since then, various deadlines have been extended to provide bondholders sufficient time to liquidate or convert their holdings.

Available Options for Bondholders

Bondholders have three options for their discontinued prize bonds:

  1. Encashment at Face Value: Bondholders can visit designated branches of commercial banks or the SBP to encash their bonds for their full face value.

  2. Conversion to Premium Prize Bonds: Prize bonds can be converted into premium bonds, which are registered with the bondholder’s details and offer secure investment options along with regular draws.

  3. Transfer to Bank Accounts: Bondholders may choose to transfer the amount equivalent to their bond value directly into their bank accounts.

Procedure for Encashment

To facilitate a smooth process, the SBP has outlined the following steps for bondholders:

  • Visit the nearest branch of an authorized bank or SBP Banking Services Corporation office.

  • Bring the original prize bonds along with valid identification documents (such as a CNIC).

  • Complete the required application form for encashment, replacement, or conversion.

Important Advisory

The SBP has reiterated that no claims will be entertained after the June 30, 2024, deadline. Citizens are strongly encouraged to act promptly to avoid losing the value of their bonds. Additionally, holders of unregistered or damaged bonds should contact the SBP for further guidance.

Contact Information

For further information or assistance, bondholders can contact the SBP helpline at 021-111-727-273 or visit their official website at www.sbp.org.pk.

This final announcement underscores the government’s commitment to financial transparency and the formalization of the economy. Bondholders are urged to take immediate action to ensure their investments are not forfeited.

Comments

Post a Comment