Prize Bond’s Scheme is the only lawful source for poor and middle class people to become rich overnight and making their dreams come true but this scheme has been ignored awfully, Recently, profit rates on five saving schemes namely Defense Saving Schemes – DSS, Regular Income Certificates – RIC, Behbood Saving Certificates – BSC, Savings Accounts – SA and Special Saving Certificates – SSC have been increased by 8 to 50 basis points but Prize Bond Scheme was not given consideration at all. Tragically, the increase of profit rates on these mentioned schemes will not lessen dues burden of Rs. 150 billion or more on account of Defense Saving Certificates maturing in the near future. Prize Bonds’ Scheme is the only rescuer in this regard, provided the following suggestions are duly implemented.

• Secondary Market of Prize Bond should be regularized by issuing licenses to Prize Bond’s Dealers. By regularizing the Secondary Market for Prize Bonds, huge funds can be generated and Government can be in a right position to generate the desired funds in the local currency as well as in foreign currency at the cheapest cost and at the same time, can collect more revenues in the form of license fees and income tax every year.

• Withholding period of 60 days prior issuance of Prize Bond to the draw date should be reduced to 30 days (as was earlier), so that the Prize Bonds holders get more incentives.

• By increasing overall returns on Prize Bond Scheme at par with other schemes. Moreover, number of Small Prizes should be increased by decreasing Big Prizes in the same proportionate. It will create more chances of winning the prizes thus utmost magnetism is produced towards the Scheme.

• By reintroducing the facility of “Power of Attorney”. Earlier, overseas Pakistanis, housewives, sick & old people, special persons and children etc. had this facility through which they could get their prize bonds claimed being at their own places but since they are compelled owing to their own mobility reasons, they are quite worried about the unclaimed Prize Bonds they have. This decision has led to make these segments putting their hands off of the Prize Bond Scheme completely which has given a great loss to exchequer ultimately since these segments are in large numbers.

• By taking back withholding tax @ 10% on prizes with immediate effect which is also a cause of great concern among winners of prize bonds.

By implementing aforementioned suggestions, I am sure that the Government will be in a better position to get funds at the cheapest cost as much as they need and thus Government’s dependence on outside financial agencies will tremendously be reduced and it will ensure following an anti-inflationary policy in the long run.