Digital prize bonds to launch in Pakistan

Islamabad: The federal government has decided to introduce digital prize bonds, with transactions to be carried out through a mobile app. 

Digital prize bonds will be secure from theft and loss concerns, while tax will be applicable on the prize money, with exemption from zakat. 

Bonds of 500, 1,000, 5,000, and 10,000 rupees will be issued. 

Purchases will only be possible through the National Savings mobile app or approved channels, with draws taking place on a quarterly basis. The prize money will be transferred directly to the linked bank account. 

Digital bonds will help in formalizing the economy, and the option for nomination will be available at the time of purchase. 

Payments to heirs will be made according to the succession certificate. The introduction of paperless bonds will eliminate printing and logistics costs.