Investment in premium prize bonds of Rs40,000 and Rs25,000 rises 29%

• Investment in premium prize bonds of Rs40,000 increased to Rs21 billion by December 2020
• The stock of bearer bonds of Rs40,000 was reduced to Rs1.8 billion by December 30, 2020
• Government launched premium prize bonds of high denominations to encourage documentation of economy.

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KARACHI: Since the government imposed a ban on unregistered prize bonds, the investment in registered or premium prize bonds has surged by 29% to Rs22.8 billion in the last year.

The publication reported that the sale of premium prize bonds of Rs40,000 and Rs25,000 stood at Rs17.71 billion by the end of 2019.

The finance ministry had decided to stop the circulation of bearer prize bonds of Rs25,000 in December 2020 and the cutoff date to exchange was set at May 31 this year.

The investment in premium prize bonds of Rs40,000 denomination increased to Rs21 billion by December 2020 compared with Rs17.7 billion a year ago.

The ministry had notified to discontinue the bearer or unregistered bonds of Rs40,000 on June 24, 2019. The bearer bonds of Rs40,000 were to be discontinued for legal tender by March 2020. However, the date was extended up to December 30, 2021.