First-ever registered premium prize bond launched

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APP48-10 ISLAMABAD: March 10 - Finance Minister Senator Mohammad Ishaq Dar being presented a replica of the newly launched Premium Bond at the ceremony at State Bank of Pakistan. APP

ISLAMABAD, Mar 10 (APP): The government has launched the first-ever registered premium prize bond worth Rs 40,000, besides starting registration for the bond on Friday.
Minister for Finance Muhammad Ishaq Dar inaugurated the bond at a ceremony held at State Bank of Pakistan Islamabad Office.
Speaking on the occasion, the Finance Minister said that the first prize of the bond is Rs 80 million, whereas after the six months profit on the bond will also be paid to holders.
He said that a printed receipt will be given to the buyer of the bond and there was no limit and period of the investment, adding every person except banks, could buy the bonds.
The minister said that prize bonds were successfully trading in different developing countries to promote the saving culture and enhancing the investment for socio-economic uplift.
He said that after the successful launching of Rs 40,000 premium prize bond, another prize bond worth Rs 1,00,000 would also be launched in the country to encourage savings.
Highlighting the economic gains of the government, he said that government had taken several measures to bring about the economic reforms in the country.
Due to these corrective measures and continued efforts of the government, the credit-rating of the national economy has significantly improved which had also been recognized by the international credit rating agencies and financial experts.
He said that economic landscape of the country has changed as compared the economic conditions of one year back, adding that Pakistan Stock Exchange (PSX) has been included in five big stock exchanges of the world.
In order to encourage the tax culture in the country as well as to stop its theft, the government has taken several measures to plug the tax leakages, he added.
Ishaq Dar said that Pakistan will soon sign a bilateral treaty with the Switzerland for sharing of information in order to detect tax-evaders.
He said that besides this, Pakistan has also became the member of the Organization for Economic Co-operation and Development (OECD) and it was included in the list of 104 member countries.
The minister said that some elements were spreading baseless propaganda about the national economy and public debt, adding that no one would be allowed to take political advantage on national economy.
He said the public sector debt was still low as compared to a number of developing countries.