Islamabad – The federal government on Thursday decided to discontinue Rs 7,500/- and Rs 15,000/- prize bonds.
According to reports, the bonds will be discontinued from January, 2022 in order to prevent corruption and money laundering. A notification in this regard has also been issued by the ministry of finance.
The last date for the encashment of Rs 7,500/- prize bond will be December 31, 2021 while for Rs 15000/- will be June 30, 2021.
After the decision, the draw for Rs7,500 prize bond which was scheduled to be held on May 3, won’t take place now.
The money for the said categories of prize bonds will be transferred to holder’s bank account after they are returned.
The was decision was taken address the concerns of the Financial Action Task Force (FATF), which has put Pakistan on its grey list over its inability to prevent money laundering and alleged terror financing.