According to the reports, the government launched the premium prize bonds of high denominations to encourage documentation of the economy. The bonds are available against a valid CNIC and at fixed profit rates besides prize money.
The investment in premium prize bonds remained attractive as the government announced to withdraw same denomination unregistered prize bonds, which is partly to eliminate all unregistered debt securities to ensure a verified source of income and comply with the requirements of the Financial Action Task Force (FATF).
The Ministry of Finance, in early January last year, issued rules ‘National Saving Schemes (AML and CFT) Rules, 2019’ to curb money used for terror financing and money laundering.
Under these rules, the authority is to collect all information of persons investing in saving schemes. The information shall include name, address, CNIC, passport etc.
Investors are required to provide a source of money for the invested amount.
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