Govt discontinues Rs7,500 prize bond in Pakistan

ISLAMABAD (92 News) - Addressing concerns of the Financial Action Task Force (FATF), the federal government has discontinued Rs7,500 denomination prize bonds from January 2022 in Pakistan.

According to a notification of Finance Division on Thursday, the Rs7,500 price bond can be encashed till December 31, 2021. The last date to redeem Rs15,000 bond is June 30, 2021.

The two bonds can also be converted into registered premium prize bonds of Rs25,000 or Rs40,000 denomination, special savings certificates or defence savings certificates.

The Financial Action Task Force had demanded Pakistan discontinue prize bonds to eradicate corruption and money laundering.

There will be no further draws for these Rs7,500 and Rs15,000 prize bonds, according to the Finance Division. It asked people having these bonds to approach the State Bank of Pakistan field offices and commercial banks.