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Banks are asked to Stop Selling PKR 40,000 Prize Bonds Effective Immediate

Real Estate News
25 Jun 2019
Banks are asked to Stop Selling PKR 40,000 Prize Bonds Effective Immediate

Banks are asked to Stop Selling PKR 40,000 Prize Bonds Effective Immediate

Karachi: Recently, State Bank of Pakistan (SBP) has stopped the banks from issuing prize bond denomination of PKR 40,000 instantaneously. SBP has also instructed regarding the conversion into registered bonds and its encasement.

The notification was issued by SBP directing National Prize Bonds denominating PKR 40,000 to be stopped from further disbursement and the handling of the bonds are to be

followed as:

A) The National Prize Bonds worth PKR 40,000 shall not be sold after June 24, 2019, and will also not be encashed or redeemed after March 31, 2020.

B) After June 24, 2019, no further draws would be held for bonds worth PKR 40,000

C) Encashment of bonds in terms of cash payment is also not allowed. The owner of the bond has to follow the following option to replace or encash the bond:

     1) Conversion of the premium prize bonds (registered)
     2) Can be replaced with SSC (Special Saving Certificate) or DSC (Defence SavingCertificate)
     3) Encashment only at face value

Below is the detail of replacement or encashment allowed for National Prize Bonds worth PKR 40,000.

1) Conversion of the Premium Prize Bonds (Registered)

The prize bond can be converted to the premium prize bond (registered) by 16 filed officers of SBP Banking Services Corporation as well as authorized branches of six commercial banks namely NBP (National Bank of Pakistan), HBL (Habib Bank Limited), UBL (United Bank Limited), MCB (MCB Bank Limited), BAFL (Bank Alfalah Limited) and ABL (Allied Bank Limited).

A written request in favor for the conversion of bonds to premium prize bonds (registered) would be necessary by the bondholder.

Submission of prescribed applications forms for the registration and the purchase of the premium prize bonds would also be required by the bond owner.

2) Can be replaced with SSC (Special Saving Certificate) or DSC (Defence Saving Certificate)

The bonds will be allowed to be replaced with SSC or DSC that has to go through 16 field officers of SBP Banking Services Corporation and authorized commercial banks as well as National Savings Centers.

The authorized commercial banks can accept the request for bond replacement of the bearer bonds with SSC or DSC through an application.

Submission of application is important for the purchase of SSC or DSC (SC-1) by the bondholder.

3) Encashment only at face value

The National Prize Bonds worth PKR 40,000 will only be encashed through transfer in bond holder’s bank account through 16 filed officers of SBP Banking Services Corporation along with the authorized commercial bank branches.

A proper request for encashment has to make by the bearer of the bonds via the application form.

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