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 PRIZE BONDS SCHEME AND PAKISTANI EXPATRIATES
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shahnaz
Unregistered Trainee

Pakistan
29 Posts

Posted - Sep 21 2007 :  10:20:00 AM  Show Profile
I am surprised to read a letter from Najam Bilwani Virginia USA DAWN 15 September 2007. He had been investing from abroad in Prize Bonds. Now he is frustrated that National Savings has withdrawn the facility of claiming prizes through Power of Attorney.

It is today claimed that we now stand in the list of top honoured nations of the world. But if we look towards the Central Directorate of National Savings or for that purpose to our State Bank or SECP it would appear that we are the only nation in this civilized world where even twentieth century sun so far has not arisen. For example in this highly developed financial world only we the Pakistanis have the distinction and honour that if from my account I wish to withdraw Rs. 10,000 I need to come personally to the National Savings in Pakistan at an average expense of Rs. 50,000 from Middle East and Rs. 130,000 from Europe. From any Bank otherwise may it be the most lethargic National Bank of Pakistan I can withdraw just giving a cheque to anyone in my family. I still, though not sure, but might have a copy of a letter as treasure. Years back a friend from Saudi Arabia sent his account opening Form with Bank Draft. The concerned National Saving center returned it back with the remarks that this account opening application should be recommended and routed through by the “Company” the applicant works in. At that time I could not that but now seeing that a Pakistani citizen Nawaz Sharif can come to his own country only subject to Saudi’s will, I can now well understand that it is the will of a Saudi (employer) he may allow or disallow a Pakistani worker to keep his saving in Pakistan or not. We are I am sure the only nation in the world where after taking money from abroad and allotting shares to an Overseas Pakistani our State Bank and SEP want that such a shareholder should legally be addressed all communications at their Pakistan address where they may not attend those timely.

I have lived abroad for 24 years and have only two months back came back permanently. During all these years I have been using Prize Bond Scheme very simply sitting abroad. The Prize Bonds are not a registered but a bearer item like a currency note. Hence as a matter of naked reality on earth it can be bought any time by anyone and likewise en-cashed. Najam had been using Power of Attorney for claiming his prizes in the past which means he had full trust on his brother, sister or friend in whose name he used to make Power of Attorney and who received claim on Najam’s behalf. If Najam wins a prize now without any Power of Attorney he can hand over that Bond to his said brother who will then claim the prize in his own name later to be credited into Najam’s bank account. A person in whose hand a Bond is, can file a claim and receive money on strength of his national identity card. Bonds are not registered in the name of Najam. Alternative he can claim his prize through his Bank Account maintained in any bank in Pakistan. The bank’s commission for this service of course will be a little more but not than that what he spends and waste in getting a power of attorney attested in USA.

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