Govt extends deadline for encashment of Rs40,000 prize bonds

KARACHI: Amid lockdowns enforced in Sindh and other parts of the country to arrest the spread of the coronavirus, the Government of Pakistan on Tuesday extended the deadline for encashment of Rs40,000 denomination national prize bonds to June 30.

“The Finance Division with the approval of Minister-in-Charge, is pleased to extend the last date for encashment/redemption of Rs40,000/-denomination National Prize Bonds with immediate effect till 30th June, 2020,” read a notification issued by the Finance Division.

“The procedure for encashment/redemption of Rs.40,000/- denomination National Prize Bonds issued vide SRO No.735(I)2019 dated 24-6-2019 shall continue to observed.”

Earlier today, the State Bank of Pakistan (SBP) announced relief for the consumers amid coronavirus outbreak. The banks and development finance institutions (DFIs) would defer the principal amount on consumer loans for one year to facilitate borrowers.

The SBP’s official twitter account posted that borrowers availing consumer finance for auto, housing, and personal loans and credit cards, who were regular on their payments up till December 31, 2019 could request banks to defer principal amount for one year without fee or increase in mark-up. However, it said that they would continue to service the mark-up amount.