KARACHI: The federal government has granted three-month extension on the last date for Encashment, Conversion or Redemption of Rs.40,000/-, Rs.25,000/-, Rs.15,000/- & Rs.7500/- denomination national prize bonds withdrawn from circulation.

As per directives issued earlier in December 2021, wherein the last date for encashment, conversion or redemption of denominations of National Prize Bonds (NPBs) was communicated as March 31, 2022.

In this connection, the Finance Division, Government of Pakistan has extended the last date for encashment, replacement or conversion of Rs. 40,000/-, Rs. 25,000/-, Rs. 15,000/- & Rs. 7,500/- denomination National Prize Bonds (bearer) up to June 30, 2022.

Accordingly, SBP has advised all participating commercial banks to accept requests for encashment, conversion or redemption of cited denominations from the general public till June 30, 2022.

Further, the banks will be required to submit branch or region wise consolidated data of cited denomination NPBs held by them on the last date i.e., June 30, 2022 latest by July 4, 2022. According to SBP all other instructions in this regard will remain unchanged.

Copyright Business Recorder, 2022