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FUNCTIONS OF SECTIONS OF PRIZE BONDS DIVISION

(PROCEDURE FOR SALE/ENCASHEMENT OF NATIONAL PRIZE BONDS, SRO NO.439/71 CDNS SRO (i)/99(NEW DESIGN) AND OTHER CD'S INSTRUCTIONS ISSUED FROM TIME TO TIME)

PAYMENT.

Section 1 - Direct Payment: The prize money claims from Rs.5, 000/- to Rs.20, 000/- against winning bonds are received and processed at this Unit. The Number of the prize wining bond is verified from the prize list and particulars of the claimant are entered in Register PB-18 by the A.A.O. Thereafter on the basis of recommendation of the AAO and necessary scrutiny the claim is passed by the A.O. and delivered to Scrolling Section of the said Unit for onward delivery to the Cash Department after scrolling, who pay the prize money after deduction of tax @10% to the claimant on surrendering of token and the Bonds receiving prize Money exceeding Rs.5000/- are retained by the Bank. The doubtful bonds are sent to Pakistan Security Printing Corporation for verification of their genuineness. In case if the bond is declared as tampered/forged the matter is referred to State Bank of Pakistan BSC (Bank) Head Office, Karachi for referring the case to Police authorities etc. Section 2 - Direct Payment (other PDO/Office): Confirmation of outstanding position in Register PB-18 are made in Form PB-59/60 to other offices of the Bank in respect of prize money for Rs.5, 000/- and above. After payment of prize money at respective offices, the particulars of the claimant and date of payment are received there from in Form PB-55, which are entered in Register PB-18. They are also responsible to receive the claims from Rs.5, 000/- to Rs.20, 000/- in respect of bonds issued from Lahore PDO and after having received the confirmation of outstanding position in Register PB-18 from Lahore PDO, the payment are made to the claimants. The particulars of the claimant are sent to Lahore PDO in Form PB-55 for marking in their PB-18 Register. The matter is also referred to State Bank of Pakistan BSC (Bank) Head Office, Karachi to seek their instructions if the payment has already been made against the bond, confirmation of outstanding position of which was sought for by any Office. Section 3 - Big Prize Money:The claims of prize money above Rs.20, 000/- and above are received and processed in this Section. Prize Money claims of Rupees one million and above are sent to Pakistan Security Printing Corporation for verification of their genuineness. The prize money after deduction of tax @10% are paid through Payment Order. All the payments are made subject to pre-audit. Other procedure is same as followed by the Unit 1 (Direct Payment). Section 4 - Administration :Internal transfer/postings, disciplinary action and all staff matters pertaining to Prize Bonds Zone are dealt by them. All the letters etc. are received and despatched by them. Petty Cash Register is also maintained thereat. The particulars of defective/defaced Prize Bonds, meant for destruction, are entered in Register PB-17. Besides supervising all the work of this Unit, the Asstt: Chief Manager concerned is also responsible to pass the clearly payable Currency Notes and Prize Bonds of all the denominations. Section 5 - Sub Office Vault :The balance of Prize Bonds and Currency Notes received from Main Office Vaults are maintained at two separate Vaults simultaneously by one Asstt: Chief Manager posted thereat. Besides entire working of the Vault, the list of defective bonds in Form PB-35 and prize-winning (retained) bonds are prepared by the staff of Cash Department at Prize Bonds Vault.

ACCOUNTS.

Section 1 - Government Accounts:After a respective draw, this Unit arranges credit of prize money against listed prize bonds kept in the vault during shut period to Government Account. Prepares sale permission for listed prize bonds after observance of all the prescribed drill. Supervise the work of destruction of defaced/defective prize bonds. Section 2 - Local/Central Accounts:Maintain entire record of Sale/Encashment of all denomination of Prize Bonds. Receive fresh bonds from Pakistan Security Printing Corporation and arranges its remittance to other offices of Karachi PDO. Arrangements of prize draw at Karachi Office are made by them. Correspondence with State Bank of Pakistan BSC (Bank) Head Office, Karachi Other Offices of the Bank and Pakistan Security Printing Corporation on various subjects are made. Report and manage expenditure incurred on printing, advertising, transporting etc. relating to Prize Bonds. Section 3 - Small Prizes Marking/Scrolling:Responsible for scrolling the particulars of prize money claims up to Rs.1000/-. The particulars of claimant of prize money upto Rs.1000/- paid against the Prize Bonds issued from Karachi PDO over the counters of this office as well as paid by Scheduled Banks, National Savings Centers and other offices of the Bank are entered in Register PB-18. The particulars of the claimant of prize money paid against the prize Bonds issued by Lahore PDO are reported to them in Form PB-55 for posting in PB-18 Register maintained by them. Section 4 - Main Vault: Fresh Prize Bonds physically received and kept thereat. After having advice from Unit 2 (Accounts) both the prize bonds i.e. fresh and/or re-issuable are remitted to Offices under the jurisdiction of Karachi PDO for sale thereat. Prepares statement of daily transactions affected in Main Vault. Prize Bonds are also issued to concerned Banks there from. The list in Form PB-35 in respect of re-issuable bonds remain unsold during shut period is also prepared by them.

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