Govt to withdraw Rs 40,000 denomination National Prize Bonds from circulation

June 26, 2019 (MLN): The Government of Pakistan has announced the withdrawal of Rs. 40,000 denomination National Prize Bonds from circulation, with immediate effect.

A letter issued to the Presidents and CEOs of all banks in this connection stated that the Bonds of Rs. 40,000 denominational shall not be sold after 24^th June, 2019 and will not be encashed / redeemed after 31 March 2020.

Furthermore, it informed that cash payment for encashment of bonds is not allowed. However, the bond holder shall have the options to replace / encash these bonds by either i) Conversion of Premium Prize Bonds (Registered), ii) Replacement with Special Savings Certificate (SSC) / Defense Savings Certificate (DSC), or iii) Encashment at Face Value.

The letter explicitly stated that the National Prize Bonds tendered at the counters of banks shall be subject to thorough scrutiny to ascertain their genuineness.

Moreover, the prize bonds encashed / replaced by general public may be surrendered to concerned SP BSC office through respective office of the commercial bank. For the purpose, the regional office may intimate the SBP BSC office three days in advance so that necessary arrangements for receipt of the bonds can be made.

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