The government is set to introduce digital prize bonds, which will be transacted through a mobile app and credited directly to linked bank or Central Directorate of National Savings (CDNS) accounts.
According to a report, the prize money will be taxable but exempt from Zakat. The initiative aims to enhance economic transparency while reducing theft, loss, and fraud risks.
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Initially, digital bonds will be available in Rs500, Rs1,000, Rs5,000, and Rs10,000 denominations. Purchases can be made via the National Savings app or approved CDNS channels.
Quarterly draws will be held, and winnings will be credited to investors’ accounts. Legal heirs will receive the bond value in case of the investor’s demise.
