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Islamabad, August 8, 2025 — Minister of State for Finance Bilal Azhar Kiyani told the National Assembly on Thursday that the government has successfully redeemed 99.5 percent of discontinued bearer prize bonds, and may consider limited relief for the remaining 0.5 percent if verifiable applications are received in considerable numbers.
The announcement was made in response to a question posed by MNA Aliya Kamran, who raised concerns over overseas Pakistanis and other individuals who were unable to meet the final deadlines for redemption due to special circumstances.
Discontinuation Part of FATF Compliance Drive
Minister Kiyani reiterated that the decision to discontinue bearer bonds of Rs. 40,000, Rs. 25,000, Rs. 15,000, and Rs. 7,500 denominations was taken between 2019 and 2021. The move was part of Pakistan’s broader commitment to comply with the Financial Action Task Force (FATF) action plan, aimed at preventing money laundering and promoting financial transparency.
“These measures were essential for modernizing our financial system and aligning with global anti-money laundering standards,” he emphasized.
Nine Extensions and Multiple Redemption Options Offered
Kiyani detailed the phased approach the government followed in implementing the discontinuation policy. Initially, a six-month grace period was offered to bondholders to redeem or convert their bearer bonds. However, recognizing practical challenges, the government granted multiple deadline extensions, with some bonds receiving up to nine extensions.
The final redemption deadline expired in December 2024.
Bondholders were given three clear options:
- Convert to registered premium prize bonds
- Invest in national savings schemes
- Redeem through designated bank accounts
These options were widely publicized through public awareness campaigns, enabling efficient outreach across the country and abroad.
Rs. 738.5 Billion Redeemed, Rs. 3.5 Billion Still Outstanding
Providing an update on the numbers, Kiyani informed the House that of the total Rs. 742 billion in bearer bonds, a staggering Rs. 738.5 billion has already been redeemed.
This leaves only Rs. 3.5 billion—just 0.5 percent—still unredeemed.
“Even after five years and extensive extensions, the amount outstanding is negligible,” he said. “However, we understand that there could be genuine cases, especially involving overseas Pakistanis, that deserve reconsideration.”
Govt Open to Case-by-Case Review Based on Merit
Addressing the concerns raised by MNA Aliya Kamran, who emphasized that many overseas Pakistanis unintentionally missed the deadlines, Kiyani assured that the government would review such cases on merit.
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Aliya Kamran noted that many expatriates had bearer bonds stored in lockers or personal belongings and were unaware of the extended deadlines due to limited access to public information channels.
She urged the Finance Ministry to consider a special relaxation policy in the spirit of financial inclusion and goodwill.
In response, the Minister said, “If we receive a significant number of verifiable requests, we will explore options for relief, but through proper legal and regulatory frameworks.”
Digital Transformation and Reforms in Focus
Kiyani also used the opportunity to highlight the broader reform vision guiding the prize bond policy. He noted that the shift from bearer to registered bonds is part of a digital transformation strategy within the national savings and financial governance framework.
“The objective is not only compliance with FATF but also to build a digital, transparent, and accountable financial ecosystem,” he said. The Finance Ministry may present further updates on digitization and prize bond reforms in the National Assembly or relevant standing committees in the coming months.
Transparency and Policy Integrity Stressed
The Minister assured the House that any future steps—whether in the form of a policy shift or relaxation—would be made transparently and in consultation with relevant stakeholders, including regulatory bodies like the State Bank of Pakistan and the National Savings Directorate.
“We are committed to policy integrity. Any decisions will be taken through formal mechanisms, not ad hoc measures,” he emphasized.
