16 hours Ago By Imran Ali Kundi
ISLAMABAD - The ministry of finance on Tuesday notified the rules for launching digital prize bonds, replacing the discontinued bearer prize bonds. The Finance Division had instructed CDNS (Central Directorate National Savings) to introduce digital prize bonds. Under the rules, the Central Directorate of National Savings (CDNS) and any other officer authorized by the CDNS would issue the bonds.
The bonds shall be issued in the denominations notified by the Finance Division in the official gazette. The bonds shall be issued in multiple of face value of each bond. The bonds shall be issued in a series of one less than a million numbers or such other numbers as the Finance Division may, by notification in the official Gazette, determine.
There shall be no maximum limit for investment in the bonds. The bonds shall be issued in scripless form, means no physical instrument will be given to the customer. Only a system generated number will be provided to the customer.
The customer shall create his/her profile on Digital Prize Bond Gateway, available on CDNS Mobile Application or any other channel approved by the CDNS, by entering required information therein and link that profile with his/her respective CDNS’ Savings Account or Bank Account (in IBAN format). Thereafter, customers can proceed for the purchase of bonds on the DPB Gateway. Pakistan secures major breakthrough in rice exports to Kenya The payment for purchase of bonds is to be made through either the linked Bank account OR CDNS’ Savings Account.
The date of purchase of bonds will be considered as the date on which the payment is successfully made by the customer. The redemption of bonds shall be made through the DPB Gateway and on successful redemption, the due amount shall be credited into the same CDNS’ Savings Account or Bank Account of the customer that was used to purchase the Digital Prize Bond. However, in exceptional cases, CDNS may execute the payment through government cheque as well.
The bonds shall be issued for an unlimited period and shall remain valid for principal payment and prize money thereof, if any, till such time it is encashed by the registered holder or withdrawn under these rules. For the purpose of prize money, CDNS shall conduct the draw on a quarterly basis or such other frequency as the Finance Division may determine by notification in the official Gazette. Prize money, if any, shall be credited to the linked Bank Account or CDNS’ Saving Account of the registered bond holder.
In case the National Savings Centre or financial institution retums the said prize money to the office of issue due to any reason, such amounts may, as per procedure prescribed under rule 4, be claimed from the office of issue by the registered bond holder within a period of six years from the date such amounts become due. After expiry of said period the liability of the Federal Government to pay such amounts shall be terminated, and no such claim shall be entertained. No profit shall be admissible on prize money for the period during which these amounts remain unclaimed due to any reason after the date of draw.
Finance Division shall, by notification in the Official Gazette, determine the number of prizes and prize money from time to time, under these rules. Wafi Energy Pakistan joins hands with Nutshell Communications Transfer of ownership is not allowed in these bonds. Pledging is not allowed in these bonds.
1Payment in Default-Any payment which may have been made in contravention of these rules or by mistake shall be refundable, and in the event of failure to refund may, in addition to other remedies for the recovery thereof, be deducted from any money payable by the Federal Government to the recipient person from his estate or be recovered as arrears of land revenue. The prize amount will be taxable but it will be exempt from Zakat. The purchaser of the digital prize bond could make a nomination at the time of purchase which can be changed or cancelled in the future.
In case of the death of the investor, the principal amount and prize money, in respect of the bond of the deceased shall be payable to his/her legal heirs according to the succession certificate and if the net amount does not exceed Rs500,000, the payment shall be made to the nominee as mentioned at the time of purchase. FPCCI presents Charter of Economy to finance minister Tags: finance ministry notifies rules.
