Finance Ministry announces discontinuation of 40,000PKR prize bonds
- Pakistan is striving hard to end the menace of the undocumented economy.
- 31st March will be the deadline for registering mega bonds.
- The 40,000 bond plays an important role in hiding any bribe or investment, says Kamran Khan.
- Federal Government decides not to hold the price draw of bonds of 40,000 rupees; Kamran Khan.
Pakistan is the country that has survived being blacklisted by the Financial Action Task Force. The country’s economy is already in the doldrums as per remarks of the Chief Justice Asif Saeed Khosa, “Economy is in Intensive Care Unit.” The white-collar crime alongside the menace of bribes and mishandling of public money has added fuel to fire.
To avoid any further storm in the economic sector of the country, the Finance Ministry has taken a deliberate step towards reforming the economy. Although, the deadline for registration of the mega bonds is months away but better late than never.
Documentation of the economy
Pakistan is striving hard to end the menace of the undocumented economy. The country is making efforts to documenting the economy on full scale and to include those people into the tax net who were not paying taxes.
FBR to break the relation between black money and price bonds
Crucial steps are being done to break the relation between black money and price bonds within the country. It is of no surprise that both black money and bribery have been closely related to each other so is the relation between black money and price bonds within the country.
31st March will be the deadline for registering mega bonds
It’s been decided that after the deadline of 31st March, the value of unregistered price bonds worth 40,000PKR will become zero. Finance Ministry announced the duration for the registration of price bonds. The said duration is 9 months long.
Why 40,000PKR bond?
The 40,000 bond plays an important role in hiding any bribe or investment. Only a small packaging of 40,000 bonds can amount to millions of rupees and can easily be delivered to anyone by putting into the two pockets, especially when this money is to be given for payment of bribes.
It so happens because these price bonds are not registered and belong to those who have them. Bonds worth billions of rupees are in circulation in Pakistan without any registration. This will not be feasible anymore.
Federal Government decides not to hold the price draw of bonds of 40,000 rupees
The federal government of the country has decided not to hold any further draws for the bonds of 40,000 rupees. This is the major development while the country is making up to get away with the black money.
Those who purchase the price money of bonds and show off as if they are nominated as prize winners in the prize bond draw. They do that to whiten the black money of bribes. This situation won’t be allowed to prevail any further, revealed Kamran Khan in his show.
Do you have any views on getting away with the whitening of black money? Please share with us in the comment section