Pakistan Set to Introduce Rs4 Million Digital Prize Bonds
The Pakistani government has announced its decision to introduce digital prize bonds under a new initiative. The first phase will see the roll-out of Rs1,000 prize bonds, followed by denominations of Rs500, Rs1,000, Rs5,000, and Rs10,000 in the subsequent phase.
The Rs1,000 digital bonds will carry a prize money of Rs4 million. These bonds will be scriptless marking a shift from traditional paper bonds to a more environmentally friendly and efficient digital format.
National Savings, the organization responsible for issuing these digital prize bonds, aims to make the process paper-free. Buyers will have access to these bonds through the “Digital Prize Bond Gateway,” an online platform that can be accessed via a dedicated application. This move is expected to enhance accessibility and convenience for buyers.
The draws for the Digital Prize Bond will take place on a quarterly basis or as directed by the Finance Division. National Savings will announce the draw schedule at the beginning of each calendar year, and the results will be published in the official Gazette. The prize money for the different denominations of bonds are as follows: Rs500 bonds will have prize money of two million rupees, Rs1,000 bonds will carry four million rupees, Rs5,000 bonds will offer twenty million rupees, and Rs10,000 bonds will have a whopping forty million rupees as prize money.
In related news, the Pakistani rupee showed resilience against the US dollar, appreciating by Rs0.13 on Wednesday. Despite facing pressure earlier this week, the rupee managed to improve by 0.04 percent during early trading.
This introduction of digital prize bonds is a significant step in Pakistan’s journey towards digitalization, offering a modern and efficient alternative to traditional paper bonds. It not only reflects the country’s commitment to embracing technology but also provides an exciting opportunity for the public to participate in the digital economy.
