The government is expected to introduce digital prize bonds that can be purchased and transacted through a mobile application.
The amount will be directly credited to linked bank accounts or Central Directorate of National Savings (CDNS) accounts at the time of purchase.
According to the report, the prize money from these bonds will be taxable but will be exempt from Zakat.
This initiative aims to reduce risks associated with theft, loss, or damage while also improving economic transparency, documentation, and accountability.
By transitioning to a paperless investment system, the government aims to reduce printing and logistical costs.
Since digital bonds will be registered under the buyer’s name, the likelihood of fraud will be significantly reduced. This system will also make the buying, selling, and prize redemption processes more efficient.
Initially, digital prize bonds will be introduced in denominations of Rs500, Rs1,000, Rs5,000, and Rs10,000, with the government reserving the right to add more denominations as needed.
Pakistani citizens above 18 years of age will be able to purchase these bonds through the National Savings mobile application or other authorized CDNS platforms. Payments will be made through linked bank or savings accounts.
The prize money will be directly transferred to the investor’s registered account, and draws for these bonds will take place quarterly. The schedule for these draws will be announced at the beginning of each year.
Investors will also have the option to nominate beneficiaries at the time of purchase, with the flexibility to modify or cancel nominations later.
In the event of an investor’s passing, the original bond value and any prize money will be transferred to legal heirs based on a succession certificate. If the total amount is Rs500,000 or less, it will be paid to the nominated person.