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| Decision to introduce digital prize bonds, transactions will be made through a mobile app |
The government has decided to introduce digital prize bonds. The digital prize bonds will be transacted through a mobile app.
The prize money will be taxable but will not be subject to Zakat. Digital prize bonds will reduce the risks of theft, loss or wastage and this initiative will help document the economy, increase transparency and improve accountability.
A new investment opportunity in today’s technology-based era. This initiative is particularly important because it is paperless, eliminating the need for printing and logistics costs. In addition, since it is registered in the name of the buyer, the risks of theft, loss or wastage are reduced.
According to sources, initially, digital prize bonds of Rs 500, Rs 1000, Rs 5000 and Rs 10000 will be issued in the amount that the Ministry of Finance will notify from time to time.
The prize of Digital Prize Bonds will be redeemed through the mobile app and the amount will be credited to the linked bank account or CDNS savings account used at the time of purchase.
Official documents also state that the draw of Digital Prize Bonds will be conducted on a quarterly basis or as notified by the Ministry of Finance. The schedule of the draw will be announced by CDNS at the beginning of every calendar year.
In case of death of the investor, the principal amount of the deceased’s bond and the prize money will be paid to his legal heirs as per the succession certificate and if the net amount does not exceed Rs. 500,000, the payment will be made to the person nominated at the time of purchase.
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