According to the sources, The federal government of Pakistan has decided to discontinue Rs.25,000 denomination prize bonds.
As per details the move is aimed at addressing concerns of the Financial Action Task Force (FATF) that has put Pakistan on its grey list over reported failure to check money laundering and terror financing.
The Rs.25,000 denomination bonds in the first phase will be converted into premium bonds with their registration to start by December-end.
Afterward, the Rs.15,000 and Rs.7,000 denomination prize bonds will be registered.
The sources further added that bond holders will have to submit a copy of their CNIC and fill a form to be provided by the State Bank of Pakistan (SBP) for encashment of their bonds.
The prize on all types of denominations will not be given in cash but transferred to bond holders’ account.
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