Pakistan’s Govt. Is Set To Introduce Digital Prize Bonds
According to reports, the government of Pakistan is soon launching digital prize bonds that can be purchased and maintained using a mobile application.
Purchase and Taxation Details
- When purchased, digital prize bonds will be linked to a bank or National Savings account.
- No Zakat deduction will apply, but prize money will be taxable.
Benefits of Digital Prize Bonds
- Enhanced Security: Reduces the risk of theft, loss, and fraud.
- Transparency: Ensures a more transparent economic system.
- Cost Efficiency: Lowers operational costs.
- Easy Transactions: Buying, selling, and prize money withdrawal will become more convenient and efficient.
How to Buy and Claim Prize Money
- Initially, digital prize bonds of Rs. 500, Rs. 1,000, Rs. 5,000, and Rs. 10,000 will be introduced.
- Only citizens above 18 years can purchase them through the National Savings app or authorized platforms.
- Payment will be made via linked bank accounts or CDNS savings accounts.
- Prize money will be directly transferred to the buyer’s bank account.
Prize Draws and Schedule
- Draws for digital prize bonds will be held every three months.
- The schedule for these draws will be announced by CDNS (Central Directorate of National Savings) at the beginning of each calendar year.
Nomination Feature for Buyers
- Buyers can nominate a beneficiary while purchasing the bond.
- The nominee can be changed or canceled later as needed.
