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Termination of Rs40,000 bond leads to documentation of Rs177b

Termination of Rs40,000 bond leads to documentation of Rs177b

ISLAMABAD: The government has successfully documented around Rs177 billion since the termination of Rs40,000 denomination prize bonds, claimed a report in media.

The government discontinued the issuance of Rs40,000 denomination bonds back in June 2019 to prevent whitening of black money and to stop tax-evasion.

According to the newspaper report, total investment in bearer prize bonds of Rs40,000 denomination fell to Rs81.38 billion by July-end 2019 as compared with Rs258 billion in May 2019.

The decision of the government to discontinue the issuance of the bonds was also in part to alleviate worries of the global financial watchdog.