The 106th draw of Rs1,500 Prize Bond will be held at the State Bank of Pakistan in Sialkot on Friday, May 15 at 8:45am in the banking hall.
People from different walks of life including prize bond holders are expected to participate in the draw.
What is tax on the prize bond winning amount
According to an official notification, the federal government has announced an increase in the rate of withholding tax on the winning amount of prize bonds and profit on loans.
Under which filers will now have to face a 15 per cent withholding tax on the winning amount of prize bonds.
On the contrary, non filers will be subject to a higher rate of 30 per cent on the same income.
It should also be noted that the prize bond scheme launched by the government has two objectives.
The first one is to generate funds for public initiatives, and secondly, to offer a safe way to the citizens of the state without the risk of depreciation of their wealth.
Also read: Prize Bond Draw winners for March Check results here
SBP reserves jump on eurobond inflow as outlook improves
Earlier, Pakistan’s foreign exchange reserves recorded a notable increase in the last week of April, offering some relief after months of pressure on the external account.
Data released by the State Bank of Pakistan showed that reserves held by the central bank rose by $730.3 million, or 4.84 per cent, during the week ended April 24. This pushed the SBP’s total to $15.83 billion.
The rise was mainly driven by proceeds from a Pakistan eurobond, which helped strengthen the country’s reserve position. Analysts see this as a positive signal, especially as Pakistan continues efforts to stabilise its external finances.
The country’s overall reserves also moved up during the week. Total holdings increased by $640.5 million, or 3.1 per cent, to reach $21.27 billion. However, reserves held by commercial banks declined by $89.8 million, or 1.62 per cent, settling at $5.44 billion.
Read next: Pakistan’s foreign reserves post modest weekly increase
