[sohailaslam]

Dear Friends

Instead of giving ideas to the Govt. we alway critisize. Who is Govt. Peole like us are sitting on these seats. Govt. needs ideas in which they or us are covered by any wrong doings.

What i feel in this matter is that Govt. should make the Prize bonds cashing easier. If any one wants to cash in the prize he/she should go to his/her bank deposit the bond in his/her bank and then bank should send it to the SBP on account of his/her client and the money should be credited to the concern account. I feel that Prize Bond is a cheque which can go through the clearing and what ever charges can be deducted on account.

This will clear the hassel for old people to get into the line and wait out side the SBP. Plus if some one is out side the countery he/she can send it to there relative or can send it through there Internation bank for the clearing. I feel this will clear a lot of things

[jamil ahmed]

In reply regarding prize bond. it is added that there is no problem if u want to encash your prize bond. a prize bond can encash at a counter of any bank including state bank. the 2nd point is to claim money of prize on wining prize. presently the holder can go to any national saving office or office of the state bank to calim the money of prize. first he will fill a form with name and address and bond related information like sr.number date of issue and place of issue and then the dealing bank issue a pay order/demand draft etc as per nature of prize. if the prize money is small the bank pay the money of prize in cash. In case of big prizes the bank pay through pay order/deman draft which can desposit in a account of a winner or who claimed the prize money.
proposal regarding calim the prize through bank (clearing) is not appropriate as the process through clearing is risky as a banker point of view. As we know that the cheque can clear through clearing process because the banks have there account in clearing house and it is convenient to Dr and Cr the bank at clearing house. further a cheque is a negotiable instrument containg the order by the drawer to pay sum of money to the bearer or holder etc. whereas the prize bond is not cover under this regulation. I think prize bond is just like currency note which can cash any time.
In short i think that the present system of sale/purchase and claiming of prize bond is satisfactory. Suggestion/question as raised in the forum are advisable if the govt have a plan to issue new "Fixed saving prize bond" for 1 year, 3year and 5 years and the proposed prize bond will be issued in the name of puchaser and the amount of prize will only be claim by the puchaser in his/her name only and the same PB can not encash before maturity and the amount of the invester will be bound for a long period igoning the fact that THE bond will win the prize of not.
JAMIL AHMED
jamil3509@yahoo.com

[netizen]

Well its hard to digest for me the excuse given by jamil sahaib. I think winning prize bonds can be claimed hence encashed via normal bank account. The source bank, the bank in which the claimee has account, can endorse the accounts details of the claimee on back leaf of the winning bond while sending it to clearing house. Plz mind that prize bon is a bearer instrument or we may say its a benami SBP cheque that can be cashed any where. This benami SBP cheque should also be allowed to claim via normal bank account after giving it a name by endorsing it by source bank. The source bank should also be responsible to issue an encashment certificate to the claimee. This will suerly help senior citizens and femals in claiming a prize. Facilating people by all possible available means will encourage them to invest more in this scheme.

[sheikhsalik]

Originally posted by sohailaslam
Dear Friends

Instead of giving ideas to the Govt. we alway critisize. Who is Govt. Peole like us are sitting on these seats. Govt. needs ideas in which they or us are covered by any wrong doings.

What i feel in this matter is that Govt. should make the Prize bonds cashing easier. If any one wants to cash in the prize he/she should go to his/her bank deposit the bond in his/her bank and then bank should send it to the SBP on account of his/her client and the money should be credited to the concern account. I feel that Prize Bond is a cheque which can go through the clearing and what ever charges can be deducted on account.

This will clear the hassel for old people to get into the line and wait out side the SBP. Plus if some one is out side the countery he/she can send it to there relative or can send it through there Internation bank for the clearing. I feel this will clear a lot of things

good info

[jamil ahmed]

Sheikh sahab, kindly note that prize bond is not a cheque. the prize bond has value in terms of money and it issues against cash payment, whereas the cheque book is issued on opening account with initial amount and the customer can write a cheque for more then the amount in his bank balance. the result will be the refusal of cheque and the party will be refered to writer that your cheque has been refused. So the risk has been involved from the receiver point of view. The clearing bank has no risk either on clearing of refusal of cheque. In any case the bank will charge his commission. So the dealing bank/banks has no risk in clearing of a cheque.
In case of prize bond, bank and any person can accecpt the prize bond any time . The bond has it value. it was issued on cash payment and encash any time any where. there is no risk, no need of any clearence.
As regard claim of prize through bank account. I think the clearing process has some stations of process e.g bank - courrier - dealing bank - clearing house - bank - etc. As explained above the prize bond is like a cash and there is high risk (for dealing bank) in process through claiming prize through bank to bank.
If a person deposit his prize wining bond for claim through his bank and get a receipt of a bank on deposit. Now the RISK of the owner/applicant has been transfered to his bank and the bank is wholly responsible for this prize wining bond. In case, the bond has been lost during process of clearing. Now who will be responsible for this loss. Nobody is responsible except the dealing bank who have issued a receipt on deposit. suppose the bond was win by the prize of 2 million. Now the customer will claim for 2 million and 40 thousand for his bank.
So it is proved that the HIGH RISK is invole in claiming prize winning bond through bank account and the bank will not take such a high risk business against minimum commission. There are also some other risk are involved in claiming prize through bank account.
Further added that National Saving is a authority to issue prize bond and SBP/NBP are his authorised dealer to circulate prize bond in the country. the National Saving not fall under banking companies act and they have no account in clearing house and the process will not meet the requirement of clearing house. only commercial banks has kept their balance with SBP to complete the process of clearing of cheques etc.
In short, the element of HIGH RISK is involed in claiming prize through bank account and the risk is only on dealing bank in any case. the process could be adopted only in case if the prize bond issues in the name of a party with NIC. There is also a problem of changing ownership again and again at encashment and only the authority will do such action of change. this will be a very hard and time consuming process to change the ownership of a bond again and again.
We can submit a proposal to the Govt to make a set policy to provide better and quicker service at existing counters of prize bonds and introuduce a system to paid the amount of prize bond either on encashment or claiming prize through his bank account. for this purpose an option with details of bank account may be obtained from the customer to deposit and send the money in his bank account directly.
thanks
jamil ahmed

[netizen]

Jamil sahaib is still missing a point. After endorsing a bond, a bond would not be a bearer bond. Say bank can have a stamp on bond mentioning account details of calimee and then send to clearing house like they do SBP cheques and other cheuqes having worth even more tha 200 millions. I dont c any undue risk after having endorsed since it wont be any more bearer and hence not be cashable any where. Well banks can have certain amount of charges for its carefull handling that will mean nothing for a prize winner against the service he/she is getting. Encashment certificate will be issued by service bank only to the claimee i.e account holder here so how does issue of change of names come.

[jamil ahmed]

Sir Jee, a cheque/payorder/demand draft can be endrose by the holder to other partly with condition or without condition to pay a sum of money to the endrosee. Bank has no right to endrose an instruments. Endrosement is not a process of affixing only rubber stamp at the back of the instrument by the bank.It is a process of transfer of documents/instruments from one holder to another before encashment. The practice of endrosement is papular in business. Under the rule, Prize Bond can not endrose in any case either handing over to a person or encashment from Bank or in case of calim of prize bond except to fill a form befor claim of prize money.

[netizen]

Jamil Sahaib that’s what exactly i suggest. I suggest an amendment in rules. Bank should be given authority to endorse PB instrument like cheques and pay orders. Plz note that rules are made for convenience and to me this amendment will make PB scheme more popular amongst investor.

[jamil ahmed]

Dear brother,
the original point for discussion of the forum was "claim of prize money through Bank Account" which is cosiderable and accecptable if deem fit by the National Saving Authority and all commercial banks.
u entered fastly in the forum with a wining flag and divert the position to other way like endrosement etc.
currently u again proposed with the suggession to ammend the rules which is not applicable in any case of prize bond.
now in short i can say that winning of prize is a great achievement and receiving of prize in person is also a great happiness. So the existing procedure to calim prize money of a wining prize bond in person is good instead of to move to the bank and wait for claim through bank account and confirm again and again whether the claim has been cleared or not it is better to get happiness as early as possible through claim at SBP counter.
khuda hafiz.

[netizen]

Jamil Bahi !

Me too is for hapiness but in a comforat way ! Allah Hafiz