Why Pakistan declare a ban on 7500 and 15000 prize bonds

Govt of Pakistan has been announcing to stop Rs15,000 and Rs7,500 bonds, the new notification was issued by the federal government on Thursday. The federal government said that Rs 7,000 and 15000 bonds will no longer be cashable after June 30.

2021 Prize bond ban and policy

Why Pakistan declare a ban on Rs 7500 and Rs15000 price bonds.Before this Pakistan declare 40 thousand value bonds and  25 thousand value bonds also ban.

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The news also stated that people who do not wish to cash the bonds can pay an additional amount and convert them into Rs25,000 and Rs40,000 bonds. It also stated that the users can convert those bonds into special savings and defense saving certificates. prize bonds can be encashed by people via their bank accounts. It is also the same things happened which resemble Govt previously stops sale of National Prize Bonds for Rs25,000. It is the second time that the federal government has stopped the sale of a bond within a year.

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What solution is available for prize Bondholder consumer :

The existing bondholders had the option to encash/redeem/convert their bonds by May 31, 2021, in the following ways

1-The current bondholder can be converted to Premium Prize Bonds through the 16 field offices of the State Bank of Pakistan's Banking Services Corporations or through branches of six commercial banks, namely National Bank of Pakistan, Allied Bank Limited, United Bank Limited, MCB Bank Limited,  and Bank Alfalah Limited. Habib Bank Limited.

2-These bonds holder consumer can convert their bonds into Special Savings Certificates and Defence Savings Certificates through SBP's field offices authorized commercial banks or National Savings Centres.

3-The citizen of Pakistan whom they have bonds can be encashed by transferring the proceeds to the holder's bank account through SBP's field offices, authorized commercial banks like national saving banks.

New Regulation in Prize Bond market 2021

If any consumer won prize money in the lucky draw the person must have to submit the prize bond and copy of their CNIC to the SBP. It is a widespread myth that Prize Bond is the best investment in Pakistan, it could be the same as the Gold Investment. It is also an interesting fact that there is no premium and profit give to bondholders.2021 according to the finance department of Pakistan Prize Bonds are available in the value of  Rs. 100, Rs. 200, Rs. 750,  Rs. 15,00. The Prize Bond is basically a lottery bond offered by the National Savings Pakistan (Ministry of Finance) and issued on behalf of the Government of Pakistan.

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Why Pak Government ban on certain prize Bonds.

The Pakistan ban on certain big amount prize bond due to compliance with international financial task force action (FATAF). The government of this ban has preciseness association with FATAF for stoping terror financing and the black market, which certain outfits were and could be used in future. 

This decision was taken by IMF before (FATAF)  27 points declaration for Pakistan however Pakistan can come out from a grey list of (FATAF). The main reason behind banning these bonds by these institutions because the big amount of prize bonds easily usable by terror financing and change black money into white money. The prize bonds have been using the same way as such we use money in the market. Some time exchange and transaction has occurred in which illegal buy and sale incorporated.

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