Finance Ministry okays customised prize bond scheme
The Finance Ministry has accorded approval to the customised Registered Prize Bonds scheme of the National Savings of Pakistan to generate more funds and ensure further security. The scheme will offer its customers cash prizes by normal draw, in addition to profit on a quarterly basis, Radio Pakistan reported. Providing further details of the plan, an official of the National Savings said that these bonds would be registered in the name of the purchasers and no one else would be able to claim them. This, he said, would further enhance the security of bonds in case of theft or lost. The policies for other saving schemes like Pensioner’s Benefit Account and Bahbood Savings Certificates have also been revised and now these are fixed at 10.56% to facilitate customers, the official said. The purchasers’ details (name and contact information) will be recorded and kept on a special file with the National Savings, allowing the organisation to pay the bond’s coupon payment to the appropriate person, said the official.
National Savings to launch ‘Registered Prize Bonds’ in Pakistan
ISLAMABAD: The National Savings has officially announced to launch Registered Prize Bonds in Pakistan on the decree of the Ministry of Finance. The registered bonds are being launched to generate more funds for the federal government. The Ministry of Finance has approved launching of Registered Prize Bonds by the National Savings. In addition to providing cash prizes by normal draw, the holders will also be able to earn the profit on a quarterly basis. Telling about the Registered Prize Bonds, the official of National Savings has stated that these bonds will be registered on the name of the purchasers and no other holder will be allowed to claim the holdings instead of the registered purchasers. This will further enhance the security of bond in case of theft or lost. The Federal Government has taken this step to generate the more funds. In addition to offering the normal cash prizes according to periodically draw procedures, the purchasers of these Registered Prize Bonds will be able to get profit on a quarterly basis.
Prize bonds attracting tax-avoiding money
KARACHI: The issue of withholding tax on banking transactions has taken a new turn as protesting traders have started investing in bonds. Higher demand for prize bonds has pushed up their prices and certain denominations are now in short supply. “The prize bonds of Rs25,000 and Rs40,000 are not available due to sudden rise in demand,” said a bond trader in the open market. He said they were charging a premium of Rs400 to Rs1,000 per bond. The amount also varies with the date of announcement of prizes. A market watcher said, “Instead of putting their money elsewhere, investors prefer to invest in prize bonds as they are like liquid assets and are payable as cash.”
Privatise this, privatise that – just make me rich!
It has been over a year since the formation of the Privatisation Commission and there has been no productive groundwork. ILLUSTRATION: JAMAL KHURSHID/ FILE I look around my house searching for items I can sell and make a quick buck. I come across some furniture that needs fresh coats of polish before I can even present it for sale. This requires too much effort! Why don’t I just sell that antique painting that has been hanging in the drawing room for years? This is effortless and is guaranteed to bring me a truck load of cash. As it is, I just have five hours to make money!