KARACHI: Following directives of the federal government, the State Bank of Pakistan (SBP) has extended the last date for encashment or conversion of Rs 15,000, Rs 25,000 and Rs 40,000 (unregistered) denomination prize bonds up to September 30, 2021 to facilitate the general public.

The last date for encashment or conversion of Rs 15,000 denomination was June 30, 2021, while, May 31, 2021 was for Rs. 25,000 and Rs 40,000 denomination prize bonds.

However, a large number of prize bonds were not encashed or converted into registered prize bond, the federal government has decided to extend the encashment or conversion time by four months to facilitate the general public. Therefore, the Finance Division, Government of Pakistan has extended the last date for encashment/replacement/conversion of Rs.40,000, Rs.25,000 & Rs.15,000 denomination National Prize Bonds (bearer) up to September 30, 2021, a circular issued by the SBP said.

Accordingly the SBP has asked the all commercial banks that branch and region wise consolidated data of cited denomination prize bonds held by them on last date, ie, September 30, 2021 will be shared latest by October 1, 2021 with SBP.

The SBP has directed the banks to disseminate fresh instructions on prize bonds to all branches and concerned officials for information and strict compliance. All other instructions in this regard shall remain unchanged.

As per policy, unregistered prize bonds of Rs 7,500, Rs 15,000, Rs 25,000 and Rs 40,000 denomination can be converted to Rs. 40,000 and Rs. 25,000 denomination Premium Prize Bonds (Registered) through the 16 field offices of SBP Banking Services Corporation, and branches of 19 authorized commercial banks.

The bondholder will be required to submit a written request for conversion of bearer bonds into Rs. 40,000 and Rs. 25,000 Premium Prize Bonds (Registered) as per the prescribed application form.

In addition, These bonds will only be encashed by transferring the proceeds to the bond holders’ bank account through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and to the Savings Accounts at National Savings Centres.

Copyright Business Recorder, 2021