The Ministry of Finance has halted the sale of Rs 25,000 denomination prize bonds with immediate effect. The objective of this move is to address the concerns of the Financial Action Task Force (FATF) regarding reported failure to check money laundering and terror financing.
Issuance of premium or registered bonds to start with immediate effect The 25000 bonds could be redeemed, encashed and purchase in the name of the buyer. The date for conversion of these bonds is May 31, 2021.
The government will give profit on these bonds on a bi-annual basis. The first prize on these bonds will worth Rs 3 crore. In addition to this five people will get the prize of Rs 1 crore.
