Finance Ministry Announces Discontinuation Of 40,000PKR Prize Bonds

[Shahzaz ud din]

Finance Ministry Announces Discontinuation Of 40,000PKR Prize Bonds
By Noshin Bashir On Jun 21, 2019
0
Share

• Pakistan is striving hard to end the menace of the undocumented economy.
• 31st March will be the deadline for registering mega bonds.
• The 40,000 bond plays an important role in hiding any bribe or investment, says Kamran Khan.
• Federal Government decides not to hold the price draw of bonds of 40,000 rupees; Kamran Khan.

https://www.facebook.com/

Pakistan is the country that has survived being blacklisted by the Financial Action Task Force. The country’s economy is already in the doldrums as per remarks of the Chief Justice Asif Saeed Khosa, “Economy is in Intensive Care Unit.” The white-collar crime alongside the menace of bribes and mishandling of public money has added fuel to fire.

To avoid any further storm in the economic sector of the country, the Finance Ministry has taken a deliberate step towards reforming the economy. Although, the deadline for registration of the mega bonds is months away but better late than never.

Documentation of the economy
Pakistan is striving hard to end the menace of the undocumented economy. The country is making efforts to documenting the economy on full scale and to include those people into the tax net who were not paying taxes.

FBR to break the relation between black money and price bonds
Crucial steps are being done to break the relation between black money and price bonds within the country. It is of no surprise that both black money and bribery have been closely related to each other so is the relation between black money and price bonds within the country.

 

[Kabira]

The 40,000 bond plays an important role in hiding any bribe or

So why it toke international pressure to get rid of this?

 

[Dark-Destroyer]

So why it toke international pressure to get rid of this?

Because previous goverments were busy looting and well someone has to put the country on the path of prosperity

 

[AsifIjaz]

Finally... Long overdue ... There should not be any bank note or prize bond over 1000. Even 5000 is a nuisance but the orize bonds are a bigger challenge and bribibg tool.

 

[Kabira]

Because previous goverments were busy looting and well someone has to put the country on the path of prosperity

I know someone who was buying these bonds, he would send money to Pakistan and his family would buy them. One day he won prize bond of Rs75 million and moved to Pakistan permanently. lol Didn't know back then that this was great way for tax evaders or crimnals in Pakistan to whiten their money.

 

[Yaseen1]

Prize bonds result in unequal distribution of profits and are like lottery ,they should be ended as they benefit only few winners and all other investors get nothing from the money they invest

 

[Pakistansdefender]

Please guys do it quick.
Aisa kahan hota hai ke bagair documentation you can buy carore worth of prize bonds. 15000 wala pe bhi lagao aur 20000 wala pe bhi aur 5000 ki notebandi bhi ker so .

 

[waqasmwi]

Finally a good step by Govt.

 

[Mahmood-ur-Rehman]

Now in the 2nd phase 5000,1000,500 note should should be changed and exchange it through Bank accounts

 

[Morpheus]

Investments in Prize Bonds Soar to Rs. 22.8 Billion

Posted 2 hours ago by Syeda Masooma

The total investment in registered or premium prize bonds surged 29 percent to Rs. 22.8 billion during the last year, reported a national daily.

​

Amidst the ban on unregistered instruments, investors moved their investments toward alternatives including prize bonds.

The sale of premium prize bonds of Rs. 40,000 and Rs. 25,000 denominations were registered at Rs. 17.71 billion by the end of 2019. By December 2020, the Ministry of Finance decided to stop the circulation of prize bonds of Rs. 25,000 denomination, with the cutoff date for exchanging set to 31 May 2021.
For the bonds of denomination of Rs. 40,000, the Ministry announced the discontinuation of the bearer or unregistered bonds on 24 June 2019. These were to be completely discontinued for legal tender by March 2020, but the deadline has now been extended to 30 December 2021.

The investment in these bonds soared to Rs. 21 billion by December 2020, up from Rs. 17.7 billion a year ago.

The premium prize bonds of high denominations were launched with the aim to document the economy, and they are available against valid CNICs and at fixed profit rates besides prize money.
The investment in premium prize bonds remained attractive as the government announced the withdrawal of unregistered prize bonds. The move has come as part of the efforts to ensure verified sources of income and to comply with the requirement of the Financial Action Task Force (FATF).

Investments in Prize Bonds Soar to Rs. 22.8 Billion

The total investment in registered or premium prize bonds surged 29 percent to Rs. 22.8 billion during the last year,

propakistani.pk

+++++++++++++++++