KARACHI: The Government of Pakistan has extended the deadline for the encashment, replacement, and conversion of bearer prize bonds to December 31, 2024. This extension follows the initial expiration date of June 30, 2024, as announced earlier by the State Bank of Pakistan (SBP).
According to a notification issued by the SBP on Wednesday, the extension pertains to four key denominations of National Prize Bonds (NPBs) – Rs40,000, Rs25,000, Rs15,000, and Rs7,500. These bearer prize bonds can now be redeemed or converted until the new deadline. The Finance Division of the Government of Pakistan officially approved the extension through a notification issued on September 30, 2024.
This development is expected to benefit a large number of prize bondholders who were unable to encash or convert their bonds before the original June 30, 2024 deadline. By extending the redemption period, the government aims to ease the financial burden on citizens and provide them with sufficient time to complete the necessary procedures.
The SBP has instructed all banks to continue accepting requests for the encashment, replacement, or conversion of the aforementioned prize bond denominations until December 31, 2024. Additionally, banks are required to submit detailed, branch-wise data on the bonds held as of the final date of December 31, 2024, by no later than January 2, 2025. This information will ensure transparency and accurate record-keeping.
Furthermore, all commercial banks are directed to surrender the collected prize bonds to the relevant offices of the SBP Banking Services Corporation (SBP BSC) by January 31, 2025. This deadline is crucial to maintaining the smooth operation of the redemption process and ensuring that all bonds are accounted for.
The extension comes as a welcome relief for many citizens who faced difficulties in redeeming their bonds earlier. As the new deadline approaches, prize bondholders are encouraged to act promptly and take advantage of the extended time frame to encash or convert their holdings.
The extension of the redemption deadline is part of the government’s ongoing efforts to manage the country’s financial systems and ensure that all stakeholders are given adequate time to fulfill their obligations. With this new date in place, prize bondholders now have a clear opportunity to redeem their investments before the year’s end.
