The last date for encashment/replacement/conversion of the Rs. 40,000 denomination national prize bond is March 31, 2020, says the State Bank of Pakistan.
SBP issued instructions for information and meticulous compliance with reference to the Finance Division, Government of Pakistan notification and the Currency Management Department’s letter.
The central bank said that no request for encashment/replacement/conversion of the cited prize bond shall be entertained by participating commercial banks on or after April 1, 2020. It noted that the head offices of commercial banks shall solicit details of prize bonds physically held by each branch/regional office as on March 31, 2020, and report a consolidated bank-wide position to Currency Management Department on the prescribed format at Annexure A vide email on April 01, 2020.
In case no prize bonds are held by any branch/regional office, a NIL report shall be mentioned. The data submitted by commercial banks shall also be subject to inspection by the SBP Inspection Team. The prize bonds already surrendered to the SBP BSC office shall not be included in the consolidated report (Annexure A).
The daily reporting of encashment of cited denomination prize bonds shall continue till March 31, 2020. The prize bonds physically held by commercial bank branches shall be surrendered to concerned SBP BSC field office through respective regional office of the commercial banks, as stipulated in CMD letter dated June 24, 2019.
It is imperative to mention that the prize bonds shall be accepted by SBP BSC offices based on the data reported by the banks. Therefore, all commercial banks shall ensure that the reported data is accurate and complete in all respects.
The finance ministry had discontinued the fresh issuance of Rs. 40,000 bearer bonds from Feb 14, 2019.