The bearer prize bonds witnessed a massive withdrawal of Rs332 billion during the last one year; following the government’s initiative to document the saving schemes.
According to the latest statistics released by the State Bank of Pakistan (SBP) on Thursday, the investment in bearer prize bonds trimmed to Rs332 billion by September 2021, compared with Rs721 billion a year ago.
In June 2019, the government decided to discontinue high denomination bearer bonds in a phased manner. The government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds. Similarly, on December 10, 2020, it announced to discontinue the circulation of Rs25,000 denomination prize bonds and in April 2021, the Finance Ministry announced that the national prize bonds of denominations Rs7,500 and Rs15,000 would not be sold.
The last date to exchange the bearer prize bonds other than the denomination of Rs7,500 was September 30, 2021; however, it is now extended up to December 31, 2021. The Finance Division issued the procedure for the redemption/conversion of bonds.
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