The State Bank of Pakistan (SBP) has extended the deadlines for encashment and exchange of various monetary bonds in order to help the populace, according to news reports. The deadline has been pushed back to September 30.
According to the SBP’s official circular, monetary bonds worth $15,000, 25,000, and non-registered 40,000 can be exchanged or converted within the new extended deadline, after which the bonds will be worthless. The message further states that the only way to make an encashment cum transfer is through the account. As a result, the SBP has issued fresh orders and directions to the banks.
After numbers revealed that a high number of prize bonds had not been returned or encashed, the federal government issued a four-month delay. On October 1, after the deadline has passed, the central bank has issued directions to all commercial banks to disclose branch and region-wise consolidation data of the abovementioned bonds owned by them with SBP.
Previously, the SBP chose to switch from non-registered prize bonds of 7,500, 15,000, 25,000, and 40,000 to registered premium 25,000 and 40,000 bonds through 19 commercial bank branches.