SBP extends exchanging date of canceled prize bonds
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State Bank of Pakistan (SBP) Monday extended the date of exchange of canceled prize bonds across the country.
According to the 24News HD TV channel, canceled prize bonds of different values could now be exchanged till June 30, 2023.
As per the channel report, the repayment period of bonds of Rs7,500, Rs 25,000, and Rs 40,000 has been extended.
It should be noted that a few days ago the government has decided to fulfill another condition of FATF and regarding this, it is going to withdraw the 25,000 prize bonds.
The report said after the 40,000 prize bonds, consideration has also been started to end for the 25,000 prize bonds.
As per the report, in the first phase, the prize bond of 25,000 will be converted into the prime bond.
The SBP said in its statement issued here on Monday that the Federal Government has given another opportunity to the public to get the withdrawn prize bonds of Rs7500, 15,000, 25,000, and Rs40,000 redeemed or encashed by June 30, 2023.
Earlier, the government had fixed a deadline of June 30, 2022, for the redemption or encashment of these prize bonds, however, considering that some of the prize bond holders could not get their bonds redeemed a final opportunity has been given for encashment of prize bonds till 30th June 2023.
The investors of aforesaid prize bonds have the following options of encashment or exchange.
a) Encashment at Face Value, b) Conversion to Premium Prize Bonds of Rs. 25,000 and/or Rs. 40,000 (Registered), and c) Replacement with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC).
The prize bonds can be redeemed from the SBP Banking Services Corporation office and branches of commercial banks across the country till 30th June 2023.
The SBP has issued necessary instructions to commercial banks to accept requests from the general public for encashment or exchange of the prize bonds till the extended date.
The general public holding these bonds is encouraged to avail this final opportunity and get their holdings redeemed before 30th June 2023. These prize bonds shall not be en-cashable or exchangeable after the expiry of the extended deadline, thereby rendering them worthless.