ISLAMABAD: The federal government has extended the last date for encashment, conversion and redemption of prize bonds of denomination of Rs40,000, Rs25,000 and Rs15,000 until Dec 31, 2021.

The last date for encashment, conversion and redemption of prize bonds was earlier extended up to Sept 30, 2021.

The government in 2019 had decided to withdraw the said prize bonds from circulation aiming to curtail the circulation of black money through these large size bonds. Since then the government has kept extending the date for replacement and encashment of the bonds.

On a tweet, the Central Directorate of National Savings, Islamabad, said that people can now redeem these prize bonds until Dec 31, 2021. The procedure for encashment/conversion/redemption will remain the same.

The Finance Division on June 24, 2019 restricted the sale of National Prize Bonds (Bearer) of Rs40,000 denomination after June 24, 2019.

Published in Dawn, September 30th, 2021