[ad_1]
- The government will no longer withdraw Rs 7,500 and Rs 15,000 bonds, the notification said.
- The notification said that the Rs 15,000 bonds will no longer be redeemable after June 30.
- The Rs 7,500 bonds can be encashed only before December 31, the notification said.
The government on Thursday announced that it would stop using Rs 15,000 and Rs 7,500 bonds, according to a notification issued by the Union government.
The notice said the government would no longer make withdrawals on the two bonds.
The government said that Rs 15,000 bonds will no longer be redeemable after June 30, while Rs 7,500 bonds can be redeemed only until December 31.
read more: Investment in Rs 40,000 and Rs 25,000 high-quality bonds grew by 29%
The notification stated that those who do not want to cash in the bonds can exchange them for bonds of Rs 25,000 and Rs 40,000 by paying an additional amount. The notification also stated that users can exchange these bonds for special savings and defense savings certificates.
The government said people can cash in their prize bonds through their bank accounts.
Govt stops sale of Rs 25,000 state bonus bonds
This is the second time in a year that the government has stopped selling bonds.
According to a notification issued by the finance ministry, the Union government had stopped the sale of state reward bonds with a face value of Rs 25,000 in December last year.
The move is reportedly intended to address the Financial Action Task Force’s concerns about money laundering and terrorist financing.
read more: Rs 40,000 investment in high quality bonds grew 21%
At that time, existing bondholders had the option to cash out/redeem/convert their bonds by May 31, 2021, through:
1. The bonds can be converted into premium bonds (registered) through 16 field offices of the State Bank of Pakistan Banking Services Company or branches of six commercial banks, namely, the State Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Union Bank Limited and Alfalah Bank Limited.
2. The bond can also be converted into a Special Savings Certificate or a National Defence Savings Certificate through the field offices of SBP, authorised commercial banks or National Savings Centres.
3. Bondholders can redeem their bonds by transferring the proceeds to the bank account of the holder through the field offices of SBP, authorized commercial banks or National Savings Centres.
read more: Rs 40,000 bonus bonds worth Rs 18,000 crore were redeemed
Those who chose to cash in their bonds were told they could only transfer the money into their accounts in person.
The notification also stated that to get the prize money, the winners will have to submit a prize security deposit and give a copy of their CNIC to the SBP.
New Registration Bonus Bond
At that time, the finance department said in another notification that new prize bonds worth Rs 25,000 were issued “immediately”.
Under the new bond, two first prizes of Rs 3 crore will be awarded, while five second prizes of Rs 1 crore will also be given. The bond will give 700 third prizes of Rs 3 lakh each. The draw for the prize bond will be held quarterly.
read more: Rs 40,000 bonus bonds redeemed worth Rs 152 billion
The registered bonds will also generate a profit of 1.79% every six months for bondholders.
At the same time, persons holding unregistered lottery tickets of the same amount can also purchase registered lottery tickets.
[ad_2]
Source link
