The step has been taken on the demand of Financial Action Task Force (FATF).
Islamabad (Pakistan Point News – 22nd June, 2019) The Federal government has decided to register prize bonds.
The step has been taken on the demand of Financial Action Task Force (FATF).
The move will reveal the black money owned by people.
The prize bonds ranging between Rs1500 to Rs40,000 will be registered. The FATF stated money laundering by terrorist organisations is increasing because of their access to prize bonds.
The Finance Division has allowed the investors of Rs40,000 Prize Bonds (Bearer) to register their bonds up to March 31, 2020.
The Economic Coordination Committee (ECC) has decided that holders of bearer Prize Bonds of Rs40,000 denomination can opt for any of the following opportunities to convert their bonds.
Rs. 40,000 Bearer Prize Bonds can be converted to Premium Prize Bonds (Registered) through 16 field offices of SBP Banking Services Corporation,and authorized branches of six commercial banks.
In case the bond holder desires to encash the bond, the encashment proceeds would be credited to the specified bank account of the holder.
In this context, SBP as well as all the banks would extend their maximum support tomake sure the transfer of payments to respective account of the holder.
ECC has further decided to discontinue Rs40,000 prize bonds.
However, all the prize money claims on the already held draws shall be claimable within the period of six years from the date of respective draw, as per National Prize Bonds Rules, 1999.
