how rules of prize bond pakistan Rules - 25000 Premiumprize bonddraw result today bonds Understanding the Rules of Prize Bonds in Pakistan: A Comprehensive Guide

BuyPrizeBonds Online Prize bonds in Pakistan represent a unique government-backed investment instrument that blends savings with the thrill of winningNational Savings Rs100 Prize Bond Draw #53 – 16 February .... Understanding the rules governing these bonds is crucial for any potential investor or winner. This guide delves into the intricacies of Prize Bonds in Pakistan, covering their acquisition, claiming procedures, and important regulatory aspects.Payment of National Prize Bonds

What are Prize Bonds and How Do They Work?

Essentially, prize bonds are a form of government security offered by National Savings under the State Bank of Pakistan.Premium Prize Bonds (Registered) Rules, 20173 Unlike traditional investments, prize bonds do not offer fixed interest but instead participate in regular draws where holders can win significant cash prizes. As stated in the provided information, Prize bonds are a unique method of investment backed by the government. They are issued in specific denominations, such as Rs. 100, Rs. 200, RsThe investor gets a six monthly profit on investment at a rate notified by the Government ofPakistanupon completion of six month period either from the date .... 750, Rs. 1,500, Rs.The investor gets a six monthly profit on investment at a rate notified by the Government ofPakistanupon completion of six month period either from the date ... 15,000, Rs. 25,000, and Rs. 40,000.

Acquiring Prize Bonds:

Prize bonds can be purchased and encashed in any quantity.these rules, a claim for the refund of the value of a defaced or mutilated Bond shall be dealt with on merits and no claim shall lie as of right. They are available for purchase at all field offices of SBP BSC (Bank), offices of National Saving Centres, and designated bank branches. Recently, the government has also introduced digital prize bonds, which will be transacted via a mobile application, with winnings credited directly to linked bank accounts. According to new rules, there will be no maximum limit for investment in the bonds.

Key Rules and Regulations:

The operation and integrity of the prize bond system are governed by a set of rulesSale of Premium Prize Bond (Registered). The National Prize Bonds Rules, 1999, alongside other specific regulations like the Premium Prize Bond (Registered) Rules, 2017, outline the framework.

* Eligibility and Validity: A critical rule is that prize bonds are not eligible for payment if the same are less than half, forged or deliberately cut, mutilated or tampered. This highlights the importance of maintaining the physical integrity of your bonds. The Public Debt Act, 1944, also plays a role, with a six-year limitation period established for prize bond claims. This means that all prize money claims on already held draws shall be claimable within the period of six years from the date of respective draw佛历2568年11月1日—A division bench headed by Justice Sultan Tanvir Ahmad ruled that the limitation period is consistent with the Public Debt Act, 1944, affirming that the government cannot be expected to honour prize claims indefinitely. The bench also maintained thatprize bondsare a form of government security ....

* Payment for Purchase: The payment for purchasing bonds can be made through cash, bank draft, pay order, or crossed cheque, or other modes as specified by the Finance DivisionShort title, application and commencement. - (1) Theserulesshall be called the PremiumPrize Bond(Registered)Rules, 2017. (2)..

* Taxation: The prize money from prize bonds is subject to taxation. The rate of tax for filers in prize bonds is 15% of the prize money, while the prize bond tax deduction rate for non-filers is 30% of the prize money. This is in line with provisions under the Income Tax Ordinance, 1979, concerning tax deduction at source on prizes.

Claiming Prize Money:

Winning a prize brings with it a specific procedure for claiming the winnings.The investor gets a six monthly profit on investment at a rate notified by the Government ofPakistanupon completion of six month period either from the date ...

* Claiming Process: To claim prize money, a claimant must fill out a form along with their CNIC and original winning bond. Alternatively, you need to fill out a claim form, attach photocopies of your national identity card, prize bond, and a signed receipt to the claim form. The original prize bond is essential for verificationIn case the bond holder desires.

* Where to Claim: Claims for prize money can be lodged at any designated field office.- In terms of sub-rule(1) ofrule4 of NationalPrize Bonds.Rules1999, Finance Division with the approval of Minister-In-charge is pleased to ... For claims up to Rs. 500,000 and the face value of National Prize Bonds, these can be processed through the State Bank of Pakistan. Some winnings can also be claimed by visiting any designated ABL branch.

* Documentation: The necessary documentation typically includes a valid identification document (CNIC), the original winning prize bond, and a completed claim form.

Premium Prize Bonds:

A special category, the Premium Prize Bonds (Registered), offers a six-monthly profit on investment at a rate notified by the Government of Pakistan. These bonds have specific rules, including a six-month waiting period from issuance or the last profit payment for profit accrual. For these, no application forms are required for claiming prize money & profits, simplifying the process for investors.

Important Considerations:

* Prohibition of Unauthorized Sales: The sale of prize bonds by unauthorized entities or the sale of documents resembling prize bonds is strictly prohibited under Section 489G of the Pakistan Penal Code, 1860.

* Bond Condition: Holders should be aware that a claim for the refund of the value of a defaced or mutilated bond will be dealt with on merits, and no claim shall lie as of rightto be published in part-ii of the gazette of pakistan.

By understanding these rules, individuals can confidently navigate the world of prize bonds in Pakistan, whether as investors seeking potential returns or as fortunate winners ready to claim their due.