KARACHI (Kashmir English): Minister of State for Finance Bilal Azhar Kiyani Thursday announced that 99.5 percent of bearer prize bonds that were closed have been redeemed successfully, and the government can think about relief for the remaining 0.5 percent if a large number of verifiable applications are received
In reply to a question raised by MNA Aliya Kamran, Kiyani told the National Assembly, that the decisions to stop bearer prize bonds of denominations of Rs. 40,000, Rs. 25,000, Rs. 15,000 and Rs. 7,500 were taken during 2019-2021 as a part of Pakistan’s compliance with the Financial Action Task Force (FATF) regime.
He explained that in both instances, investors were originally provided with six months to redeem or exchange their bonds, which was extended several times. Altogether, certain bond types had as many as nine extensions, with the last one ending in December 2024.
He explained bondholders were offered three options of redemption: convert the bearer bonds into registered premium bonds, invest in national savings schemes, or redeem through bank accounts. The minister also explained that because of strong public awareness campaigns, Rs. 738.5 billion of the total Rs. 742 billion had already been redeemed.
There are just Rs. 3.5 billion worth of unredeemed bonds left, only 0.5 percent of the total amount, he said. “Despite five years and repeated extensions of deadlines, a minuscule amount is still outstanding,” he added, suggesting that if genuine applications come in large numbers, the government could take suitable steps.
Responding to Aliya Kamran’s plea on behalf of overseas Pakistanis and those who failed to meet deadlines because of extraordinary situations, the minister informed that the government would reconsider cases on merit.
In the supplementary discussion, Aliya Kamran emphasized that some foreign Pakistanis had prize bonds in personal items or lockers and missed the deadline by mistake.
Additionally, she asked the minister to grant a special exemption to such persons in goodwill and financial inclusion.
Kiyani also conceded that the general objective of the discontinuation and digitization policy was to bring the financial system up to date and align it with international standards.
He added that additional information about digital transformation under national savings and prize bond reforms might be tabled in the House or related standing committees for further examination.
The minister again confirmed that any future easing or policy change would be transparent and through due process.
