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Pakistan extends deadline to encash Rs25,000 and Rs40,000 prize bonds

People have now until September 30

SAMAA | - Posted: May 29, 2021 | Last Updated: 6 months ago
SAMAA |
Posted: May 29, 2021 | Last Updated: 6 months ago

Photo: SAMAA TV FILE

The government has extended the deadline to encash Rs25,000 and Rs40,000 prize bonds, it announced Saturday.

It discontinued Rs40,000 bonds in June 2019. This is the second time the government has extended the deadline to encash the bond.

Rs25,000 prize bonds were discontinued in December 2020. The deadline to redeem or replace it with other bonds was May 31, 2021.

People can now redeem these prize bonds till September 30, 2021.

Why were these bonds discontinued?

Genuine investors were interested in buying the Rs25,000 and Rs40,000 bonds because of the high prize money they offered, but they were also favourite for those who wanted to wash their dirty money and dodge the taxman. These are the people who evade taxes.

Since prize bonds are not registered in the bearer’s name, it is difficult to trace them.

This is why the government is now offering Premium Bonds, which have to be registered in someone’s name.

So, by discontinuing the regular Rs25,000 and Rs40,000 bonds, the government has further tightened the noose around tax evaders.

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Pakistan, prize bonds, Rs25,000, Rs40,000, deadline
 

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