ISLAMABAD – The federal government has announced discontinuing the use of Rs15,000 and Rs7,500 prize bonds.
According to a notification issued here, the government will no longer hold draws for the two bonds. The government said that Rs 15,000 bonds will no longer be cashable after June 30 and the Rs7,500 bonds can only be encashed until December 31.
The notification said that people who do not wish to cash the bonds can pay an additional amount and convert them into Rs25,000 and Rs40,000 bonds. It also stated that the users can convert those bonds into special savings and defence saving certificates.
The government said that the prize bonds can be encashed by people via their bank accounts.
Last year in December, the federal government discontinued the sale of Rs25,000 National Prize Bonds.
The decision was taken to address the Financial Action Task Force’s concerns over money laundering and terror financing.
Banking hours changed in Pakistan amid Covid-19 surge – check new timings
