prize bond ban in pakistan SBP sets December 31 as the deadline for prize bond redemption - Prize Bond Pakistanbuy Online The government has discontinued the sale of national prize bonds Understanding the Prize Bond Ban in Pakistan: What You Need to Know

BuyPrizeBonds Online The landscape of financial instruments in Pakistan has seen significant shifts concerning Prize Bonds. In recent years, the government has implemented various measures, leading to a ban on the sale and, in some cases, the encashment of certain denominations.Instructions to Banks ; Withdrawal of Rs.7500, Rs.15,000/- & Rs.40,000/- denomination NationalPrize Bonds(Bearer) from Circulation · Notification ; Withdrawal ... This article delves into the reasons behind these decisions, the affected denominations, and what bondholders need to know to navigate these changes.

Entities Involved and Legal Framework:

The regulatory authority for National Prize Bonds in Pakistan rests with the State Bank of Pakistan (SBP) and the Central Directorate of National Savings (CDNS). These bodies oversee the issuance and management of these financial instrumentsGovt to discontinue Rs25,000 prize bonds. The prohibition of unauthorized activities is enforced under Section 489G of the Pakistan Penal Code 1860, which criminalizes the sale of prize bonds by unauthorized entities or the sale of documents that resemble prize bonds.Central Directorate of National Savings (CDNS) has initiated the RegisteredPrize BondsScheme called PremiumPrize Bonds(Registered) This legal backing is crucial in preventing fraudulent activities and ensuring the integrity of the prize bond market.

The Evolving Ban on Prize Bond Denominations:

The prize bond ban in Pakistan has not been a single event but rather a series of discontinuations affecting specific denominations. This phasing out is often linked to broader economic policies and international financial regulations.

* Rs. 40,000 Denomination: As early as mid-2019, the State Bank of Pakistan banned the sale of old RsGovt stops sale of National Prize Bonds of Rs25,000. 40,000 Prize Bonds. This move was explicitly aimed at curbing the "whitening of black money" through prize bonds. The government decided to ban Rs. 40,000 denomination prize bonds to enhance transparency in financial transactions. The deadline for encashment of these bonds was initially set for March 31, 2020, but extensions were provided in some cases.2021年4月30日—It said theprize bonds of Rs7,500 denomination shall not be sold with immediate effectand will not be encashed or redeemed after December 31, ...

* Rs. 7,500 and Rs. 15,000 Denominations: In April 2021, the government announced that prize bonds of Rs.The last date for the redemption of National Prize Bonds ... 7,500 denomination shall not be sold with immediate effect.Frequently Asked Questions on National Prize Bonds Simultaneously, the Rs. 15,000 denomination bonds also faced discontinuation.Prize Bonds This decision was partly influenced by the need for Pakistan to comply with the requirements of the Financial Action Task Force (FATF), which necessitates stricter controls on financial flows to combat money laundering and terrorism financing.2020年12月5日—The federal government has decided to discontinue Rs25,000 denomination prize bonds. According to a report by ARY News, the move is aimed at addressing ...

* Rs. 25,000 Denomination: The Rs. 25,000 denomination prize bonds also fell under the scrutiny, with the government deciding to discontinue the sale of Rs. 25,000 denomination prize bonds in phases. Notifications were issued in late 2020, ceasing the sale of new bonds of this value. Those who held these bonds were given a stipulated period, such as until May 31, 2021, to encash or convert their savings. The decision to discontinue these bonds addresses concerns about their potential misuse in illicit financial activities.Why Pakistan declare a ban on 7500 and 15000 prize bonds· More articles by Faheem Akhtar · Explore content categories.

* Rs. 7,500, Rs. 15,000, Rs. 25,000, and Rs.Govt to discontinue Rs25,000 prize bonds 40,000 Denominations: More comprehensively, the government has discontinued the sale of national prize bonds of denominations Rs.Prize Bond List | 2026 Draw | Schedule | Results 40,000, Rs. 25,000, Rs. 15,000, and Rs. 7,500. This coordinated effort underscores a strategic shift away from bearer prize bonds towards more trackable financial products.2020年12月10日—You can no longer buy new National Prize Bonds worth Rs25,000as per new government instructions.If you already have a Rs25,000 prize bond, ...

Encashment Deadlines and Important Considerations:

For holders of the discontinued prize bonds, understanding the encashment and redemption deadlines is crucial. The SBP sets December 31 as the deadline for prize bond redemption, although this date has been extended multiple times for various denominations since 2021.Prize Bond List | 2026 Draw | Schedule | Results For example, the last date for the redemption of National Prize Bonds of Rs. 7,500, Rs.Central Directorate of National Savings (CDNS) has initiated the RegisteredPrize BondsScheme called PremiumPrize Bonds(Registered) 15,000, Rs. 25,000, and Rs.7,500, Rs.15,000, Rs.25,000, and Rs. 40,000 issued by the Government ofPakistanis December 31, 2024. Thesebondscan be returned or exchanged ... 40,000 issued by the Government of Pakistan was extended to December 31, 2024. These bonds can be returned or exchanged.

It is important for bondholders to be aware that prize bonds are not eligible for payment if the same are less than half, forged, or deliberately cut, mutilated or tampered. Moreover, the Lahore High Court (LHC) has upheld a six-year time limit for claiming prize money on prize bonds, a rule that applies to prize winnings rather than the redemption of the principal amount of discontinued bonds.

The Future of Prize Bonds:

While certain denominations have been phased out, the concept of prize bonds is not entirely obsolete in Pakistan. The Central Directorate of National Savings (CDNS) has initiated a Registered Prize Bonds Scheme called Premium Prize Bonds (Registered). This signifies a move towards more secure and registered instruments.2022年9月8日—The government has discontinued the sale of national prize bondsof denominations Rs40,000, Rs25,000, Rs15,000 and Rs7,500 to address the Financial Action Task ... It is also anticipated that CDNS will soon offer Digital Prize Bonds, where prize money will be directly credited to customers' accounts, reducing operational costs and enhancing convenience.Why Pakistan declare a ban on 7500 and 15000 prize bonds

The Prize Bond Draw Schedule, 2024 and subsequent years will continue to feature draws for currently available denominations, with specific tax rates applied to prize winnings: 15% for filers and 35% for non-filers.Frequently Asked Questions on National Prize Bonds

In conclusion, the prize bond ban in Pakistan is a multi-faceted policy aimed at enhancing financial transparency, curbing illicit activities, and aligning with international anti-money laundering standards. While some denominations have been discontinued, the government is exploring new, more secure avenues for savings and investment through registered and digital prize bonds.PRIZE BOND ENCASHMENT - Newspaper Holders of discontinued bonds must remain vigilant about encashment deadlines and procedures to safeguard their investmentsWhy Pakistan declare a ban on 7500 and 15000 prize bonds· More articles by Faheem Akhtar · Explore content categories..