The State Bank of Pakistan (SBP) has extended the deadline for the encashment, conversion and redemption of prize bonds of Rs40,000, Rs25,000, Rs15,000 and Rs7,500 denominations till December 31, 2021.
Accordingly, all banks have been told to accept requests from people who wish to encash, redeem and convert these denominations till the deadline.
Banks have to submit data by branch and region of how many prize bonds of these denominations they hold by the December 31 deadline or latest by the next working day i.e. January 4, 2022.
The bonds can be converted to premium prize bonds at the 16 field offices of the SBP Banking Services Corporation and branches of six authorised commercial banks.
Overseas Pakistanis have reportedly demanded that the government should give them more time to exchange prize bonds, as it is not possible for them to travel to Pakistan due to travel restrictions under COVID-19.
The previous government had launched premium prize bonds in April 2017. These prize bonds are issued only to computerised national identity card holders and to bank accounts of bondholders. Initially, the deadline for encashment or redemption was March 2020.