The federal government has determined to withdraw prize bonds of Rs7,500 denomination with quick impact and allowed its conversion into registered bonds of the upper denomination.
In a notification issued by the finance ministry, the federal government had ordered it “to withdraw Rs7,500 denomination National Prize Bonds from circulation with immediate impact beneath Sub-Rule 1 of Rule 4 of National Prize Bonds Rules 1999”.
It mentioned the prize bonds of Rs7,500 denomination shall not be sold with quick impact and won’t be encashed or redeemed after December 31, 2021, besides the prize-winning bonds wherein case Rule-15 shall apply as an alternative of Sub-Rule 2 of rule.
The bondholders shall have three choices to exchange or encash these bonds. First, the Rs7,500 bonds may be transformed into Premium Prize Bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) by means of 16 field offices of the SBP Banking Services Company, and branches of six commercial banks — National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.