Federal Government introduces three methods to refund prize bonds worth 40,000
- Federal Cabinet approves the withdrawal procedure for 40,000 prize bonds.
- Three methods have been introduced to get the prize bond refund.
- None of the methods involve the return of paper currency.
- The government has done so to get away with the undocumented economy.
Earlier, the Federal Government decided to end the prize draw for the prize bonds of 40,000 as a step to end the prevailing conditions of the undocumented economy. 31st of the March would be the deadline to get the bonds refunded. Federal Government has introduced three different ways for the refunding of prize bonds worth 40,000 PKR. None of these methods of refund involve the returning of paper currency to the bond holding persons.
Refund through National Savings Center
In the first method of prize bond refund, one will get the saving certificates replacing the prize bonds with the condition of investing in the schemes. The Central Directorate of National Savings mobilizes the domestic savings via National Savings Schemes and also provides budgetary support as the non-bank financier. CDNS also helps in reducing inflationary pressures.
Through Commercial Banks
According to the second method of prize bond refund, the bondholders will return their bonds to commercial banks but they will not get a net refund amount. Instead, they will have to open their accounts and the prize bonds refund amount will be transferred to that accounts.
Through registering credentials
The third and last method for getting the refund of the bond, the bondholders will provide their explicit details to the State Bank of Pakistan and its authorized branches. The Perfoma for this method of refund has been issued as well.
Do you think that these three methods of prize bond refund will bring the rich non-filers into the tax net? Will it really help in getting away with white collar crime? Please let us know in the comment section below