The federal government may extend relief to individuals who missed the deadline for bearer prize bonds redemption, said Minister of State for Finance Bilal Azhar Kiyani. He made the remarks in the National Assembly while responding to a question by MNA Aliya Kamran.
The bonds in question include denominations of Rs40000, Rs25000, Rs15000, and Rs7500, which were discontinued between 2019 and 2021 as part of Pakistan’s commitments under the FATF regime.
99.5% of Bearer Prize Bonds Already Redeemed
According to the minister, the government has already redeemed 99.5% of bearer prize bonds, amounting to Rs738.5 billion out of a total of Rs742 billion. He confirmed that only Rs3.5 billion worth of bonds remain unredeemed, representing just 0.5% of the total value.
Kiyani explained that bondholders had access to three options: convert their bearer prize bonds into registered premium bonds, invest in national savings, or redeem through bank accounts. The redemption process involved multiple deadline extensions, with the final one expiring in December 2024.
Kiyani said the government might offer relief if it receives a significant number of verifiable applications. He particularly acknowledged the concerns of overseas Pakistanis who unintentionally missed the redemption deadlines.
MNA Aliya Kamran highlighted that many overseas citizens had stored their bearer prize bonds in lockers or personal items and were unaware of the final deadlines. She urged the government to provide a one-time relaxation in such cases to promote financial inclusion.
Digital Shift in Financial Reforms
The minister reiterated that the discontinuation of bearer bonds was part of broader financial reforms aimed at digitizing the economy. He said the government would continue to ensure transparency in any future policy decisions regarding bearer prize bonds redemption.
Kiyani added that further discussions on digital transformation and prize bond policies could be presented before the House or relevant standing committees.