The First Prize Bonds

INTRODUCTION:

Prize bonds are authorized and laid under 1956 act of finance (miscellaneous provisions), the similar concept of “premium bonds” were introduced in UNITED KINGDOM. At the same time “prize bonds” were introduced in year of 1956. In 1957 then first prize bond was sold in the month of March. The first prize bond results draw was held in September 1957. at that time there were only six wining numbers , and prize bonds were consisted on six digits only.. then the rule got changed and furtherly it was started to sell with seven digits in each bond. The first and only operator of this scheme was bank of Ireland, In 1993 regulation was made for the conduct of the draws on a weekly basis using a computer-driven random number generator to determine winning prize bond numbers.

PRIZE BOND:

People uses and tries new and new ways to earn profit and become rich earlier with easy and rapid ways . they invest their money in different businesses and different schemes which is not very sure of giving profit . here then people started to purchase lottery tickets which were not very reliable there was no surety of winning and in case of no win the person losses his money spent on purchasing of lottery . But constantly people were interested in investing their money in lottery.

Prize bond is a kind of lottery ticket which is issued by government of particular company through "prize bond company limited". Prize bond is a joint venture between government and prize bond company and general public’s savings. prize bond is a bearer kind of security investment or in simple wording it could be said that security deposit which can be refund when ever wanted at its original price. It reduces government borrowing from foreign and standing up ...

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...price of amount is of rupees one thousand and five hundred rupees in which highest winning rate is thirty lacs second prize is of ten lacs and third and last prize is of eighteen thousand five hundred. All these three bonds are operated by middle class people for their small savings and investment and low costing price of per prize bond. Now talk about prize bonds used by some upper middle class people that are of rupees seven thousand five hundred and fifteen thousand.

The highest price of prize bond in Pakistan is of worth rupees forty thousand which is mostly operated by business men or people having large investments or huge savings. In which first prize is of rupees seven crore fifty lacs which is really a huge huge amount to become a billionaire overnight and the

Second prize is of two crore fifty lacs and the third and last prize is of worth rupees five lacs