According to the Central Directorate of National Savings (CDNS) data, Pakistan witnessed growth in investment of Rs. 40,000 premium prize bonds. The growth is said to be 21% as compared to that of the last year. The investment this year was Rs. 20.54 billion whereas it was Rs. 16.93 during the last year.
These bonds were launched by the government of the time in April 2017 to document the economy. These bonds are issued only to those having a valid CNIC.
To attract more investments, the government announced a biannual profit and to be directly transferred to the bondholders.
to issue the prize bonds, the government made it certain that everything goes inline with the requirements of the Financial Action Task Force (FATF).
The move was made legal through The Ministry of Finance made it legal early this year in January and issued the “National Saving Schemes (AML and CFT) Rules, 2019” to avoid terror financing and money laundering.
Under these strict rules, the authority collects all the information of individuals investing in these schemes. The information includes name, address, CNIC, passport, etc.
In addition to this, the investor is required to provide the source of money related to the invested amount.
The investment level boosted in these premium prize bonds during July 2019 when the government announced the discontinuation of the bearer or unregistered bonds of Rs. 40,000 on June 24, 2019.
It is also stated that the bearer bonds of Rs. 40,000 was tended to be discontinued for legal tender by March 2020. But now it is extended up to December 30, 2021.
This extension resulted in an increase in investment in the unregistered prize bonds of Rs. 40,000 denomination.
News Desk is the author at Research Snipers covering all Pakistan news including Business, Social, Entertainment, Economy, Pak News, World News, and More. News Desk is managed by a senior editor at Research Snipers.