ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar officially launched the bond and said that first prize of the bond is Rs 80 million, whereas after the six months profit on the bond will also be paid to holders.
The government on Friday launched first ever registered prize bond with denomination of Rs40,000 which is attributed as a major initiative towards documentation of economy.
The premium prize bond will be issued to in the name of the investor, unlike other prize bonds which are being issued to persons without identity, with the direct crediting facility of prize money and profits into investor’s bank account.
The first prize money of the bond is Rs80 million, which is highest ever prize money for any prize bond scheme through quarterly draw.
The prize bond is for individuals, public and private institutions, except banks, insurance companies and mutual funds.
The prize bond is available through branches of State Bank of Pakistan in Islamabad, Lahore, Karachi, Peshawar and Quetta.
He said that a printed receipt will be given to the buyer of the bond and there was no limit and period of the investment, adding every person except banks, could buy the bonds.
The minister said that prize bonds were successfully trading in different developing countries to promote the saving culture and enhancing the investment for socio-economic uplift.
He said that after the successful launching of Rs 40,000 premium prize bond, another prize bond worth Rs100,000 would also be launched in the country to encourage savings.
