The State Bank of Pakistan (SBP) announced March 31, 2020, the last date replacement or the conversion of National Prize Bonds worth Rs. 40,000.
As per the instructions laid out by the SBP’s currency management department, not a single customer will be entertained with encashment, replacement or conversion after the due date.
Furthermore, the commercial banks are directed by SBP to submit the details of national prize bonds to the currency management department on 1st April 2020. The submitted data will be verified by the inspection team of the State Bank of Pakistan.
According to the Finance Division of the Government of Pakistan, the sale of National Prize Bonds of Rs. 40, 000 was made restricted on June 24, 2019. In other words, no national prize bond of Rs. 40,000 will be sold after June 24, 2019, and will not be approved for cash after 31 March 2020.
The Government of Pakistan took this action to eradicate tax-evasions and satisfy the Financial Action Task Force (FATF).