According to sources, the Rs 40000 prize bond is going to be discontinued in a few months.
Regarding Rs 40000 prize bond, the federal government announced the final deadline. March 31, 2020 is a final deadline for Rs 40000 prize bond holders to convert them in cash or other securities. However, the step is taken over the concerns of FATF or Financial Action Task Force. The government also immediately discontinued the new draws of the Rs 40000 prize bond.
The Finance Ministry said the Rs 40,000 bearer bond can be converted to premium prize bonds that are registered with the government.
The bearer Rs 40,000 bonds can be converted through 16 field offices of SBP Banking Services Corporation, and authorised branches of six commercial banks – National Bank of Pakistan, UBL , MCB, Allied Bank Limited, Habib Bank Limited and Bank Alfalah Limited, said the Finance Ministry.
Similarly, these bonds can be replaced with Special Saving Certificates and Defense Saving Certificates through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Savings Centers.