The Government of Pakistan has closed down prize bonds worth Rs 25,000 and set a six-month deadline for investors to release the popular investment tool to investors in the second phase of multi-billion rupee bond market documents. Or have to encash.
Premium Prize bond Rs.25000 1st Draw Result 2021
National Prize Bonds worth Rs. 25,000 will not be sold with immediate effect and will not have to be redeemed after May 31, 2021. Cash payments of bonds are not allowed, but premium bonds (registered) of Rs.25000 can change it. Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Al-Falah Limited.
25000 premium prize bonds (registered) conversion of bearer bonds Application form
Authorized banks will also issue premium bonds (registered) worth Rs. 25,000 as per the prescribed procedure with immediate effect. The bondholder has to submit a written application on the required application form for the conversion of bearer bonds into 25,000 premium prize bonds (registered).
The Pakistani government has launched premium prize bonds in April 2017 to document the economy. In June, the Finance Division banned the sale of National Prize Bonds (sellers) worth Rs. 40,000 after June 24, 2019. However, the deadline was extended to December 30, 2021.
The bondholder will also be required to submit the proposed application form for the registration/purchase of premium prize bonds as per the existing procedure. Bonds can be exchanged with Special Savings Certificate (SSC) / Defense Savings Certificate (DSC) through SBP Banking Services Corporation, authorized commercial banks, and sixteen field offices of National Savings Centers. It states. Therefore, all authorized banks will accept applications for the exchange of barrier bonds with SSC or DSC on the proposed application form. An application form has to be submitted for the purchase of DSC.
Bonds will only be insured which will be transferred to the bank account of the bondholder through 16 field offices of SBP Banking Services Corporation, to authorized commercial bank branches, and to savings accounts at National Savings Centers. All banks will receive an application for the inclusion of bearer bonds on the prescribed application form. A copy of the application form, signed and stamped, will be provided to the bondholder as an acknowledgment receipt.
There was no documentation of the purchase of the Rs 25,000 prize bond, plus it could be used as a currency note so it could easily be used for money laundering. With the ban on prize bonds of Rs 25,000, people will now invest, which will regulate the economy.