Government of Pakistan, through Ministry of Finance, has issued a directive for discontinuation for Rs. 7,500 bond with immediate effect.
Notification issued late today, and available with ProPakistani, said that circulation of Rs. 7,500 prize bond will be seized immediately, and no one would be authorized to handle or trade the prize bond with denomination value of Rs. 7,500, starting immediately.
Rs. 7,500 bond holders are given following three options to convert their bonds:
- Convert to higher denomination bonds of Rs. 25,000 or Rs. 40,000
- Replace with Special Saving Certificates
- or encash the bonds.
It must be noted that for those who want to convert their Rs. 7,500 bonds with higher denomination bonds can do so through six commercial banks, namely:
- NBP
- HBL
- UBL
- MCB Bank
- ABL
show the notification
Instead of catching the big fish, govt is trying to appease FATF by taking less important step though it does exist in their to-do list.
As per FATF:
SBP to stop printing/circulation of 5,000 rupees currency note,
bring jewelers into tax net (which can return a revenue of billions of rupees)
AND
banks to stop accepting any utility bill exceeding Rs.10,000 rupees in cash.
Above steps will expose tax evaders and their black money, taking action against them would totally depend on govt’s will.
Stupid tactics of astupid government.
Instead discontinuing with Rs 15000 and Rs 7500 Prize Bonds should stop printing Rs 5000 currency Notes and abolish these gradually by 31 Dec 2021. Ceasing Prize Bonds will be a useless practice as money is already in treasury.