Minister of State for Finance Bilal Azhar Kiyani Thursday, announced that 99.5 per cent of discontinued bearer prize bonds have been successfully redeemed, and the government may consider relief for the remaining 0.5 per cent if a substantial number of verifiable applications are received
Responding to a query raised by MNA Aliya Kamran, Kiyani informed the National Assembly that the decision to discontinue bearer prize bonds of Rs. 40,000, Rs. 25,000, Rs. 15,000 and Rs. 7,500 denominations was made between 2019 and 2021 as part of Pakistan’s commitment to the Financial Action Task Force (FATF) regime.
He said that in each case, investors were given an initial six-month period to redeem or convert their bonds, followed by multiple extensions. In total, some bond types were granted up to nine extensions, with the final deadline expiring in December 2024.
He said bondholders were provided with three redemption options: convert the bearer bonds into registered premium bonds, invest in national savings schemes, or redeem through bank accounts. The minister added that due to robust public awareness efforts, Rs. 738.5 billion, out of the total Rs. 742 billion had already been redeemed.
Only Rs. 3.5 billion worth of bonds remain unredeemed, representing 0.5 per cent of the total value, he noted. “Even after five years and multiple deadline extensions, a negligible portion remains outstanding,” he said, adding that if verifiable applications are received in significant numbers, the government may consider appropriate measures.
Addressing Aliya Kamran‘s concern for overseas Pakistanis and those who could not meet deadlines due to special circumstances, the minister said that the government was open to reviewing cases on merit.
During the supplementary discussion, Aliya Kamran stressed that several overseas Pakistanis had prize bonds stored in personal belongings or lockers and missed the deadline unintentionally. She urged the minister to consider a special relaxation for such individuals in the spirit of goodwill and financial inclusion.
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Kiyani also acknowledged that the broader goal of the discontinuation and digitisation policy was to modernise the financial system and comply with international standards. He said that further details regarding digital transformation in national savings and prize bond reforms could be brought before the House or relevant standing committees for deeper review.
The minister reaffirmed that any future relaxation or policy shift would be made transparently and through proper mechanisms.
