SBP Extends Deadline for National Prize Bonds Encashment to December 2024

The State Bank of Pakistan (SBP) has issued a circular advising all commercial banks to facilitate the encashment, replacement, and conversion of Rs. 40,000, Rs. 25,000, Rs. 15,000, and Rs. 7,500 denomination National Prize Bonds (bearer). In light of the government’s recent extension, banks are instructed to accept requests from the public until the new deadline of December 31, 2024. Furthermore, banks are required to submit a consolidated report of all such bonds held by their branches and regions by January 2, 2025, and ensure that the surrendered bonds are submitted to the respective SBP BSC Office no later than January 31, 2025. This directive ensures smooth operations and compliance with the updated timelines set by the Finance Division.

The Finance Division of the Government of Pakistan has announced an extension for the encashment, replacement, and conversion of specific National Prize Bonds (NPBs). According to the recent notification, the deadline for the Rs. 40,000, Rs. 25,000, Rs. 15,000, and Rs. 7,500 denomination bearer bonds has been extended to December 31, 2024.

This decision follows the earlier circular (No. 1) issued on September 06, 2023, which had set the final date for encashment as June 30, 2024. The new extension, confirmed through Notification Nos. F.16(3)GS-I/2014-584, 585, 586 & 587, dated September 30, 2024, now provides additional time for bondholders to process their bonds.

All commercial banks are instructed to accept encashment, conversion, or redemption requests for these bonds from the public until the new deadline. Banks are also required to submit a branch/region-wise consolidated report of the held prize bonds by January 2, 2025, and surrender the prize bonds to the respective SBP BSC Office by January 31, 2025.

This extension offers an opportunity for bondholders to ensure the timely processing of their bonds before the new deadline.