Islamabad: The Finance Department of the Central Directorate of National Movils (CDNS) directed the launch of digital prizes, to replace the bonds of its holder.
The initiative is important to its paper -free nature, which reduces the costs of printing and logistical services, while filling the gap left by stopping paper bonds and providing a safer and more effective alternative.
The digital prize bonds will be without papers, eliminating the expenses related to printing and logistical services. These bonds will be registered under the buyer’s name, which reduces the risk of theft, damage or loss.
This step aims to improve transparency and accountability in the economy.
The new digital prize bonds will simplify the purchase and sale process. According to a summary of the Ministry of Finance, the digital award links will be issued in the sects of 500 rupees, 1000 rupees, 5,000 rupees, and 10,000 rupees.
These sects will be periodically updated by the Finance Department.
Adult Pakistani citizens can buy digital prize bonds through the national savings application for mobile phone or other channels approved by CDN. Payments will be made through an connected bank account or a CDNS provision account.
Digital bonds will be recovered through the mobile phone application, and the prize funds will be credited directly in the bank’s or CDNS savings savings account used. The clouds of digital prize bonds will occur every three months or by notifications by the Finance Department.
The cloud schedule will be announced annually by CDNS at the beginning of each evaluation year.
The prize amount will be taxable, although he exempted from Zakat, and the amount will be determined for each sect by the Finance Department. Buyers will also be able to make nominations at the time of purchase, which can be changed or canceled in the future.
In the event of the death of the investor, the main amount and the prize money award will be paid for the legal heirs based on the Caliphate Certificate. If the amount does not exceed 500,000 rupees, the payment will be made for the specified candidate at the time of purchase.
