Following directives of the federal government, the State Bank of Pakistan (SBP) has extended the last date for encashment or conversion of Rs7,500, Rs15,000, Rs25,000 and Rs40,000 denomination prize bonds up to June 30, 2022 to facilitate the general public, read a circular issued by the central bank on Wednesday.

The last date for encashment or conversion of Rs7,500, Rs15,000, Rs25,000 and Rs40,000 denomination prize bonds was March 31, 2022.

However, after a large number of prize bonds were not encashed or converted into registered prize bonds, the federal government decided to extend the encashment or conversion time by four months to facilitate the general public.

SBP extends deadline for prize bond encashment

“Accordingly, all branches shall be advised to accept requests for encashment/conversion/redemption of cited denominations from the general public till June 30, 2022,” read SBP notification.

The notification further reads that the banks shall submit branch/region wise consolidated data of cited denominations held by them on last date i.e. June 30, 2022 latest by July 4, 2022 as per the instructions stipulated in aforementioned CMD Circular.

“All other instructions in this regard shall remain unchanged,” it said.