prize bond banned The State Bank of Pakistan (SBP) has banned the sale of prize bond worth Rs40,000 - Prize BondPrice Prize Bonds Understanding the Ban on Prize Bonds: What You Need to Know

BuyPrizeBonds Online The term "prize bond banned" has prompted questions regarding the discontinuation and restrictions placed on various denominations of prize bonds in Pakistan外交部網站. This article aims to provide a comprehensive overview, drawing from official announcements and financial news, to clarify the current status of these investment instruments.Prize Bonds of Rs. 40000, Rs. 25000, Rs. 15000 and Rs. 7500 till 31st December, 2024. These bonds can be encashed or exchanged at State Bank ...

The State Bank of Pakistan (SBP) has been instrumental in implementing these changes, particularly concerning older denominations. Notably, the sale of Rs40,000 prize bonds was banned by the State Bank of Pakistan with effect from June 25, 2019.Rs7,500 denomination prize bonds withdrawn - Business This move was partly initiated to curtail the potential for money laundering and terrorism financing through the use of these high-value instruments. Similarly, the ban on Rs 40000 denomination prize bonds aimed to enhance transparency in financial transactions.

Following this, other denominations also faced restrictions. The government has discontinued the sale of national prize bonds of several denominations. Specifically, the Rs7,500 denomination prize bonds shall not be sold with immediate effect as of April 30, 2021, and these were to be encashed or redeemed after December 31, 2021Prize Bond List | 2026 Draw | Schedule | Results. Further, the government bans sale of Rs25,000 prize bonds, with a notification indicating they would no longer be sold. Those holding Rs25,000 prize bonds initially had until May 31, 2021, to encash or convert their savings.

The government extended the deadline for encashment and redemption for several denominations. Prize Bonds of Rs. 40000, RsRs 40000 prize bonds: No ban on quantity for conversion. 25000, Rs. 15000 and RsRs 40000 prize bonds: No ban on quantity for conversion. 7500 were given a new deadline of December 31, 2024, for encashment or exchange at the State Bank. This extension applies to these specific bonds, providing a grace period for holders.

It is important to distinguish between the discontinuation of sales and the ability to encash existing bonds. While new sales of certain denominations have ceased, existing holders have been provided with periods for encashment or redemption. The State Bank of Pakistan has issued notices and FAQs to guide individuals on the process.SBP Bans Sale Of Rs 40000 Prize Bonds

The rationale behind these regulatory actions is rooted in improving compliance with financial regulations and enhancing transparencyQ: Why were these particular prize bonds banned? A:These prize bonds were suspected of being used for money laundering and terrorism financing. Q: What are the .... These prize bonds were suspected of being used for money laundering and terrorism financing, prompting the government to take measures to mitigate these risks.

For those who still possess these discontinued prize bonds, the State Bank of Pakistan emphasizes adherence to the stipulated deadlines for encashment. While there have been discussions and legal challenges, such as a plea against the ban on Rs 7500 prize bond which was dismissed by the Lahore High Court, the regulatory framework remains in place.

It's worth noting that the State Bank of Pakistan has also commenced the sale of Prize Bonds under new schemes, such as the Premium Prize Bond (Registered), managed by the Central Directorate of National Savings (CDNS). These registered prize bonds offer a different structure and are distinct from the bearer prize bonds that have faced discontinuation.2020年12月10日—You can no longer buy new National Prize Bonds worth Rs25,000as per new government instructions. If you already have a Rs25,000 prize bond, you ...

In summary, while several denominations of prize bonds, including the Rs40,000, Rs25,000, Rs15,000, and Rs7,500, have had their sales banned or discontinued, existing holders have until December 31, 2024, to encash or exchange them. The underlying reason for these policy shifts is to strengthen the financial system against illicit activities. For up-to-date information, it is advisable to consult official announcements from the State Bank of Pakistan and the National Savings directorate. The ban is a significant policy change aimed at modernizing financial instruments and ensuring their use aligns with national security and economic integrity.