Karachi, December 27, 2024 – The State Bank of Pakistan (SBP) has announced the final date for redeeming certain prize bonds, warning citizens to act promptly to avoid forfeiting their investments.
Affected Prize Bonds and Deadline
The submission deadline applies to denominations of Rs25,000 and Rs40,000 prize bonds. Holders must submit these bonds by December 31, 2024, to ensure they receive payment. After this date, the bonds will no longer be eligible for encashment or prize claims.
Redemption Process
Citizens can redeem their prize bonds through:
- Direct Bank Deposits: Transfer the value directly into their bank accounts.
- National Savings Centers: Exchange bonds at designated centers nationwide.
- State Bank Offices: Submit bonds directly at the State Bank headquarters or regional branches.
Impact of the Policy
The decision to phase out high-denomination prize bonds is part of the government’s broader efforts to curb black money and improve financial transparency. These bonds were previously criticized for their use in unregulated transactions and tax evasion schemes.
Public Awareness Campaign
To ensure widespread awareness, the SBP is collaborating with media outlets, banks, and financial institutions. SMS alerts and notices have also been sent to bondholders, urging them to act quickly.
Prize bond holders are advised to verify the authenticity of their bonds and ensure submission at authorized locations. Missing the deadline could result in a complete loss of value for these bonds.
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