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Government Extends Prize Bond Encashment Deadline

The State Bank of Pakistan (SBP) has extended the deadline for the redemption and replacement of prize bonds with denominations of PKR 15,000, PKR 25,000, and PKR 40,000 (unregistered) to December 31, according to news sources.

Read: $100m Investment in Pakistan by Toyota for Hybrid Automobiles

According to the notification, the federal government directed the central bank to extend the deadline for redeeming these bonds. The decision was issued in response to petitions from Pakistanis living abroad who could not return/cash bonds in Pakistan due to corona-induced travel restrictions.

Read: Rs.60b Approves for Mera Pakistan Mera Ghar Housing Scheme

According to new information, unregistered prize bonds with denominations of PKR 7,500, PKR 15,000, PKR 25,000, and PKR 40,000 can be converted to Premium Prize Bonds (Registered) with denominations of PKR 40,000 and PKR 25,000 through SBP Banking Services Corporation’s 16 field offices and branches of 19 authorized commercial banks.

The premium bonds will be issued against the CNIC number of the purchaser and will be linked to their bank account.

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