ISLAMABAD: The government has extended the last date retrospectively from March 2022 to June 30, 2023 for converting or exchanging the bearer prize bonds.

The Finance Division issued notifications for extending the last date for encashment of the bearer prize bonds, which was March 29, 2022.

Through four notifications, the Finance Division announced extension in last date for encashment, conversion and redemption of Rs40,000, Rs25,000, Rs15,000 and Rs7,500, respectively.

The procedure for encashment, conversion and redemption of these denomination National Prize Bonds issued shall continue to be observed denomination National Prize Bonds withdrawn from circulation.

It was in the year 2019 when the government decided to withdraw unregistered bonds in a phase-wise manner. On June 24, 2019, the government announced the discontinuation of Rs40,000 denomination national prize bonds, followed by another announcement on Dec 10, 2020 for discontinuation of the circulation of Rs25,000 denomination prize bonds.

In April 2021, the government announced that national prize bonds of denominations Rs7,500 and Rs15,000 will not be sold. Since June 2019, the government was continually extending the last date for the exchange of the bearer bonds.

The government was aiming to document the bearer bonds so exchanging the unregistered bond with cash has been prohibited. The ministry of finance issued various procedures to convert the bond without exchanging it for cash.

Published in Dawn, October 26th, 2022