ISLAMABAD: Government has decided to discontinue Rs7,500 denomination prize bonds from January 2022 in order to address concerns of the Financial Action Task Force (FATF).
According to detail, The government said that Rs 15,000 bonds will no longer be cashable after June 30 and the Rs7,500 bonds can only be encashed till December 31. Fifteen thousand prize bonds will be considered trash from July 1.
Bonds can be deposited in the bank and buy savings certificates. The government has canceled 25,000 and 40,000 bonds to curb corruption and money laundering.
- The notification says government will no longer hold draws for the Rs 7,500 and Rs 15,000 bond.
- The notification says Rs7,500 bonds can only be encashed till December 31.