STRICT RULES for DIGITAL PRIZE BONDS in Pakistan | fbr

STRICT RULES for DIGITAL PRIZE BONDS in Pakistan | fbr

Digital Prize Bonds: A Revolutionary Step Towards Transparency and Economy Documentation | Govt's Latest Move Explained
In a groundbreaking move to document Pakistan's economy, the government has announced the Rules of Digital Prize Bonds, a modern, secure, and paperless alternative to traditional bearer prize bonds. This initiative aims to boost transparency and accountability while reducing the cost and risks associated with paper bonds.
The new digital prize bonds are registered under the purchaser's name, significantly mitigating the risks of theft, damage, or loss. With denominations ranging from Rs500 to Rs10,000, these digital bonds can be easily purchased through the National Savings Mobile App or other approved channels, and the payment is made via a linked bank account or CDNS savings account.

Once purchased, the digital prize bond can be redeemed through the app, and the prize money will be credited directly to the linked bank account. The prize bond draw will occur quarterly, and the prize amount is subject to taxation but exempt from Zakat.

Key Highlights:

Paperless & Secure: No need for printing or logistics costs.
Registered Bonds: Bonds are linked to the purchaser’s name, ensuring security.
Easy Redemption: Prizes can be redeemed via mobile app and credited into your bank account.
Varied Denominations: Digital bonds available in Rs500, Rs1,000, Rs5,000, and Rs10,000 denominations.
Taxable Prize Amounts: Prizes are taxable but exempt from Zakat.
Nominee Facility: Purchasers can assign a nominee at the time of purchase, which can be changed later.
This transition is part of the government's ongoing efforts to create a more transparent and efficient economy. Stay tuned for more updates on how this initiative unfolds and what it means for the future of digital finance in Pakistan.

Don't forget to like, comment, and subscribe for more updates on this exciting development!

▶️Marriage Laws – https://bit.ly/3a6deZY
▶️Child/Wife Maintenance Matters https://bit.ly/3wYJIwO
▶️Divorce, Khula & Separation - https://bit.ly/3x2U6Uy
▶️Criminal Law - https://bit.ly/3PQgQzl
▶️Child Custody/Guardian Laws https://bit.ly/3MZZGxH
▶️Nadra Matters - https://bit.ly/3MYZ4Iz
▶️Rent Laws - https://bit.ly/3z6FUfO
▶️Power of Attorney - https://bit.ly/3avYtje
▶️Property laws https://bit.ly/3a9HW4p
▶️Income Tax Laws https://bit.ly/3lSXiwL
#prizebond #wakaalat #fbr #budget2024 #federalboardofrevenue #DigitalPrizeBonds #EconomyDocumentation #PakistanFinance #PrizeBonds #NationalSavings #DigitalFinance.