Government Withdraws 7500 Prize Bonds from Circulation
According to a source, the government on Thursday announced the decision to withdraw the valuation prize bonds with par value of PKR 7,500 effective immediately and allow conversion into registered bonds with a higher face value.
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The aforementioned decision was made through a notice issued by the Ministry of Finance stating that the government had ordered the “withdrawal of the Rs 7,500 National Price Bonds with immediate effect in accordance with Sub-Rule 1. of Rule 4 of the National Price Obligation Rules 1999”.
In addition, the notice states that the PKR 7,500 bonds will be cashed or redeemed after December 31, 2021 and will not be sold immediately. However, Sub-Rule 2 will not apply to winning bonds and they will be treated in accordance with Rule-15.
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Bondholders will have three options to replace or redeem them:
Convert PKR 7,500 Bonds to Premium Bonus Bonds (registered) with a nominal value of PKR 25,000 or PKR 40,000
Bonds can be replaced with Special Savings or Defense Savings certificates
The bond will only be redeemed by transferring the proceeds to the bondholder’s bank account
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It is known that as of now, no bond withdrawals with par value of 7,500 PKR will be made.
Please check out the Al Sadat Marketing website to find out what’s going on.
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