Islamabad: According to a news source, the government announced on Thursday that it would withdraw prize bonds of PKR 7,500 denomination with immediate effect and will enable them to be converted into registered bonds of higher denomination.

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The government had ordered to ” withdraw Rs7,500 denomination National Prize Bonds from circulation with immediate effect under Sub-Rule 1 of Rule 4 of National Prize Bonds Rules 1999,” according to a notification issued by the finance ministry.

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Furthermore, the notification specified that the bonds denominated in PKR 7,500 will be encashed or redeemed after December 31, 2021, and will not be sold immediately. The winning bonds, on the other hand, will not be subject to Sub-Rule 2 and will be treated according to Rule-15.

The bondholders will have three options for replacing or cashing their bonds:

1. Conversion of PKR 7,500 bonds into Premium Prize Bonds (registered) of PKR 25,000 or PKR 40,000 denomination.

2. Special Savings or Defence Savings certificates may be used to replace the bonds.

3. The bonds can only be encashed if the proceeds are transferred to the bondholders’ bank accounts.

According to reports, no more draws of PKR 7,500 denomination bonds will be kept from now on.

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