The Government of Pakistan announced that 99.5% of the discontinued Prize Bonds have been redeemed successfully. Minister of State for Finance Bilal Azhar Kiyani said the government might consider relief for the remaining bonds if enough valid applications are received.
The decision to discontinue bearer Prize Bonds in denominations of Rs. 40,000, Rs. 25,000, Rs. 15,000, and Rs. 7,500 was taken between 2019 and 2021. This move was part of Pakistan’s efforts to comply with international financial regulations under the Financial Action Task Force (FATF).
Investors were initially given six months to redeem or convert their bonds. Over time, multiple deadline extensions were granted. Some bonds received as many as nine extensions, with the final redemption period ending in December 2024.
Bondholders had three options: convert bearer bonds into registered premium bonds, invest in national savings schemes, or redeem the bonds through bank accounts. Thanks to wide public awareness campaigns, Rs. 738.5 billion out of Rs. 742 billion worth of Prize Bonds have been redeemed.
Only Rs. 3.5 billion worth of bonds remain unclaimed. Minister Kiyani said the government will review special cases and may offer relief if a substantial number of verifiable applications come in.
Addressing concerns raised by MNA Aliya Kamran, the minister acknowledged that many overseas Pakistanis and others might have missed deadlines due to special circumstances. He said the government is open to reviewing these cases on merit.
The main aim of discontinuing bearer Prize Bonds is to modernize Pakistan’s financial system and align it with global standards. Officials will provide further details on digital reforms and future policies in parliament.
Any future policy changes will be transparent and made through proper channels, Kiyani assured.
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