Rs40k prize bonds to be encashed by Dec 31
Huge amounts of black money was used to buy these bonds
The federal government on Tuesday further extended the date for the encashment and return of Rs40,000 unregistered prize bonds by six months.
The Ministry of Finance issued a notification in this regard stating that the prize bonds worth Rs40,000 could be encashed and returned until December 31, 2020.
However, the procedure in place for the encashment and return of these bonds will remain the same.
Last month, the State Bank of Pakistan (SBP) had directed all commercial banks to stop selling Rs40,000 prize bonds from June 24 onwards.
The government decided to freeze sales of these instruments after it was alleged that huge amounts of black money was used to buy these bonds as they also offered prize money worth millions.