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The Finance Division has introduced digital prize bonds as part of its initiative to transition to a paperless system, reducing printing and logistical costs.
To facilitate this, the government has announced new regulations for the launch of digital prize bonds. These bonds will be accessible via a mobile application and linked directly to either bank accounts or Central Directorate of National Savings (CDNS) accounts upon purchase.
Key Features of Digital Prize Bonds:
Denominations
Digital prize bonds will initially be available in denominations of Rs500, Rs1,000, Rs5,000, and Rs10,000.
Investment Limit
There will be no cap on the maximum amount that can be invested in these bonds.
Taxation and Zakat
Prize money will be subject to tax but exempt from Zakat. The registration of bonds under the buyer’s name will minimize fraud risks.
Eligibility and Purchase
Adult Pakistani citizens can purchase these bonds through the National Savings mobile app or other authorized CDNS channels. Payments must be made via linked bank or savings accounts.
Prize Money Disbursement
Winners will receive prize money directly into their linked accounts. Quarterly draws will determine winners.
Draw Schedule
The draw timetable will be announced at the beginning of each calendar year. Investors can nominate beneficiaries during purchase and modify or cancel these nominations at any time.
Inheritance
In the event of a bondholder’s death, the principal amount and any prize money will be transferred to their legal heirs upon presentation of a valid succession certificate, as per prevailing laws.
