Federal Govt proposes Digital Prize Bonds (Registered) Rules 2024

By MG News | March 18, 2025 at 09:03 PM GMT+05:00
March 18, 2025 (MLN): The Federal Government has proposed the Digital Prize Bonds (Registered) Rules, 2024, which shall come into force at once, according to a notice issued by the Finance Division.
Under these new regulations, the Central Directorate of National Savings (CDNS) and any other authorized office will serve as the office of issue.
As per the rules, the bonds will be issued in denominations notified by the Finance Division through the official gazette.
These bonds will be available in multiples of their face value and issued in a series of one less than a million numbers, or any other number determined by the Finance Division. Notably, there is no maximum investment limit for these bonds.
One of the key features of these digital bonds is that they will be issued in scrip-less form, meaning no physical certificate will be provided to investors.
Instead, customers will receive only a system-generated number.
The bonds will be available to single adult citizens of Pakistan, who will be required to create a profile on the Digital Prize Bond (DPB) Gateway via the CDNS Mobile Application or other approved channels.
This profile must be linked with a CDNS Savings Account or a Bank Account (IBAN format) before proceeding with the bond purchase.
Payments can be made through the linked bank account or CDNS Savings Account, and the date of purchase will be considered the date of successful payment.
Investors will be responsible for updating any changes in their information through the designated gateway.
For redemption, customers must use the DPB Gateway, and the due amount will be credited back to the same bank or CDNS account used for the purchase.
However, in exceptional cases, the CDNS may process the payment via government cheque.
Furthermore, the Finance Division reserves the right to withdraw any bond from circulation through an official notification.
Once withdrawn, no prize money claims on such bonds will be entertained. The bonds will remain valid indefinitely until encashed by the holder or withdrawn by the government. Investors can redeem them at any time after issuance.
Regarding prize money, the CDNS will conduct quarterly draws, or as per the Finance Division's determined frequency, with an annual draw schedule notified in the official gazette.
The draw results will also be officially announced, and prize money will be credited directly to the registered bondholder’s linked account.
However, if a financial institution returns the prize money to the office of issue for any reason, the bondholder may claim it within six years. After this period, the Federal Government will no longer be liable to pay the amount.
Moreover, no profit will be admissible on unclaimed prize money.
The Finance Division will determine the number of prizes and prize amounts, while transfer of ownership and pledging of bonds are not permitted.
Any erroneous payments made in violation of these rules will be recoverable and may be deducted from government dues or recovered as arrears of land revenue.
Investors can make nominations at the time of purchase or later via the DPB Gateway, with options to modify or cancel the nomination anytime.
In the event of a bondholder’s death, the payment of principal and prize money will be made to the legal heirs upon submission of a succession certificate, except in cases where the total net payable amount does not exceed Rs500,000.
In such cases, payment will be made to the nominee upon submission of a Family Registration Certificate (FRC) issued by NADRA and an affidavit ensuring the fair distribution of funds among legal heirs.
If the nominee is a minor, or if the nomination is no longer valid, a succession certificate will be required.
Additionally, investments in these bonds and the prize money earned will be exempt from compulsory Zakat deductions, while tax will be applicable on the prize money as per relevant laws.
The CDNS will devise procedures for the sale, encashment, prize money disbursement, and other related matters to ensure smooth implementation of these rules.
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