The State Bank of Pakistan (SBP) has reportedly decided to discontinue the Rs. 25,000 prize bonds, ARY News reported.
According to reports, this move is based on the 27-point action plan of the Financial Action Task Force (FATF) to strengthen Pakistan’s anti-money laundering and terror financing regime.
The withdrawal of the prize bonds will be in phases. In the first phase, the Rs. 25,000 prize bonds will be converted into prime bonds for encashment, the registration process of which will commence later this month.
In this regard, all prize bondholders will be required to submit a copy of their CNICs with a special form issued by the SBP.
Moreover, the prize on Rs. 25,000 bonds will be transferred directly to the holders’ account instead of doing it out in cash.
The SBP had also discontinued the fresh issuance of the Rs. 40,000 prize bonds in February 2019.