Whether the time limit for cashing prize bonds will be extended or not?
The deadline given by the government for the return of prize bonds worth Rs 40,000, Rs 25,000, Rs 15,000 and Rs 7,500 will expire on December 31, after which if the government does not extend this date and still no If there are prize bonds left, it will have no value, ie they will be just pieces of paper.
Will the deadline for return of prize bonds be extended?
It is to be noted that the lottery for the four prize bonds has been closed and now the citizens who have these bonds have been directed to contact the banks for cashing or transferring these prize bonds to premium bonds. In this regard, the government has extended the deadline several times. The deadline was extended for 3 months before the end of the deadline in September, which expires on December 31.
Will the return of prize bonds be further extended? Banking sources said that the situation is not clear yet as a good time has been given for some prize bonds, therefore further delay in the return of all prize bonds seems difficult However, some prize bonds will be further extended for return. In particular, the deadline for return of prize bonds worth Rs 40,000 is not likely to be extended, however, more time may be given for return of other prize bonds.
When did the process of ending prize bonds begin?
The government had stopped the sale and purchase of prize bonds worth Rs. 40,000 on June 24, 2019. The last date for change was fixed on March 30, 2020 and on December 9, 2020, prize bonds worth Rs. 25,000 and Rs. 15,000 and Rs. It was decided to end on April 29. In total, 4 prize bonds have been closed so far and 4 prize bonds are being bought and sold and lots are being drawn as per usual, including prize bonds worth Rs. 100, Rs. 200, Rs. 750 and Rs. 1500.
Why are prize bonds being closed?
The decision to close the prize bonds was taken in light of the recommendations of the Financial Action Task Force (FATF), as the FATF had raised concerns that prize bonds do not specify ownership and do not provide an effective system for dealing in prize bonds. Therefore, reforms in the system were recommended, in view of which National Savings has abolished the existing procedure and introduced a registered system in its place, under which premium bonds worth Rs. 40,000 and Rs. 25,000 were introduced instead.