Rs.40,000 Prize Bond sale banned

Rs. 40,000 Prize Bond sale was banned from Tuesday by the State Bank of Pakistan.

It was earlier announced that the expiry date for enchantments of these bonds is March 31, 2020.

The State Bank has also directed banks to stop selling old and unregistered Rs.40,000 Prize Bonds.

According to State Bank, the bonds would be converted into Rs.40,000 Premium Prize Bonds and they can also be converted into saving certificates.

FBR Chairman

Chairman Federal Board of Revenue (FBR) Shabbar Zaidi on Saturday said all the prize bonds worth Rs 40,000 would be registered till 2020 as it was mandatory.

The unregistered prize bonds would be considered useless if not registered, he said talking to a private news channel.

The chairman said the prize bonds of Rs 948 billion were still unregistered in the country and hectic efforts were being made to register them.

Terming holding unregistered prize bonds as an unlawful act, he said it was imperative for the prize bonds holders to register them forthwith.