KARACHI: With just 32 days remaining in the expiry date for encashment of Rs40,000 prize bonds, the outstanding investments in the discontinued securities decreased to Rs19.976 billion by November 2019 from Rs249.288bn in the same month 2018.

The government had in July last year banned the sale of old and unregistered Rs40,000 prize bonds. The owners were asked to either encash them or replace these with Defence Saving Certificates or Special Savings Certificates, or registered Premium Prize Bond.

The government’s motive behind replacing older bonds with registered premium prize bonds was a step towards documentation of the economy as they had become a favourite investment instrument for tax evaders to hide their ill-gotten wealth.

Moreover, during the 12 months under review, investment in the Premium Prize bonds jumped to Rs17.425bn in November, 2019 to from Rs5.85bn in the same period last year.

Published in Dawn, January 29th, 2020