Deadline Extended for Encashment, Exchange of Monetary Bonds
In order to help the general public, the State Bank of Pakistan (SBP) has reportedly extended the deadline for exchanging and cashing out the various monetary bonds. September 30 is the new deadline for the same.
The monetary bonds costing 15,000, 25,000, and non-registered 40,000 can be exchanged or converted within the new extended deadline; beyond that, the bonds would have no monetary value. This is according to the official circular released by SBP.
The SBP has instructed the banks to issue additional orders and directives as a result.
A four-month extension was given by the federal government when the numbers showed that many reward bonds had not been cashed or returned.
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Additionally, the central bank has instructed all commercial banks to disclose with SBP, on or after October 1st, branch- and region-level aggregated data of the aforementioned bonds that they hold.
In the past, SBP made the decision to switch from non-registered prize bonds valued 7,500, 15,000, 25,000, and 40,000 to registered premium 25,000 and 40,000 bonds through designated SBP centres and 19 commercial bank branches.
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