Banking Regulations and Bond Management Quiz

Business Process Manual - Prize Bond Unit

• This document details the business processes for the Prize Bond Unit of SBP BSC, Islamabad Office.
• It outlines procedures for handling small prize money claims (up to Rs. 18,500).
• Direct credit of prize money is an option, as is paying via cash counter.
• The claim application form (PB-23) must be submitted with the required documents.
• Original prize bond, a legible copy of the prize bond, and legible valid CNIC are needed.
• The claimant's bank account details (IBAN) must be in their name only.
• Conventional bank accounts are acceptable for direct credit.
• Islamic bank accounts are not accepted until SBP BSC develops appropriate Shariah-compliant accounts.
• Counter officials verify claims and documents, including bond authenticity (UV lamp and magnifying glass).
• The T-24 system is used for recording data and checking bond details (date/place of issue).
• The counter official records the RTGS Bank Account information from the SBP BSC Karachi office.
• A maximum turnaround time (TAT) of T+1 is standard for processing small prize money claims.
• Claimants are advised to review IBAN and bond numbers in the acknowledgment receipt.
• Claims are processed and funds credited through RTGS to accounts within designated timeframes (by 4:30 PM).
• Unauthorized transactions are placed on hold until next working day.

Additional Topics (pages 3-6)

• System-generated acknowledgment receipts will be provided for transactions.
• Separate acknowledgements for each transaction number in T-24 are issued.
• Claimant reviews IBAN and bond details in acknowledgment.
• Bond and claim application form are endorsed with appropriate stamps and signatures.
• Maximum turnaround time is 24 hours (T+1).
• Claims exceeding Rs. 18,300/- will be handled differently via direct account credit.
• Retained bonds are transferred to Issue & Treasury Unit.
• Encashed or retained bonds are deposited in the Prize Bonds Vault per established procedures.

Additional Topics (pages 7-9)

• The process for returning prize money from commercial banks is detailed.
• A T-24 system "Receipt of Big Prize Money Claim" version is used, recording necessary details.
• Maximum Turnaround Time (TAT): 24 hours
• Prize Bond numbers and bank account details are checked for accuracy using the relevant system.
• Claims are processed with scrutiny done by the counter official, who verifies all particulars.
• A single acknowledgment receipt is issued for each application form, regardless of the number of winning bonds.
• The process for handling prize claims of varying amounts is also explained (e.g., up to Rs. 18,500; exceeding Rs. 18,500).

Additional Topics (pages 10-11)

• Claim application forms and relevant documents are scrutinized for accuracy and completeness.
• There are different processes for handling prize claims depending on the amount.
• The process for completing a prize money claim is detailed.
• Bank account details must match the claimant's name.
• Prizes over Rs. 18,500 are paid via direct credit to the claimant's bank.
• Claimants are instructed to verify the information in their acknowledgment receipts.
• Taxpayer status is verified depending on the type of account.

Additional Topics (pages 12-13)

• Prize Bond Units are operated using a specific process.
• Several documents including original prize bonds, copies, CNIC, and forms are required.
• Prize bonds in excess of Rs 18,500 are processed by transferring to issue and treasury units.
• These bonds are to be handled as per prescribed procedures, and deposited into the appropriate vault.
• Claims are processed according to the procedures detailed for prize bonds with varying amounts and types.

Additional Topics (pages 14-17)

• The process for placement of prize bond orders is described.
• National savings certificates are dispensed by the involved parties.
• A range of prize bond issues and their handling are covered.

Additional Topics (pages 18-20)

• There is a process for handling claims of prize bonds issued through various mediums (e.g. cash and cheque).
• The manual lists forms related to prize bond application and procedures (detailed).
• Details of prize bond procedures and relevant forms are detailed.
• Methods involved in the transfer of prize funds are explained.

Additional Topics (21-23)

• Processes involved in handling prize money claims involving various payment methods are outlined (e.g., transactions via bank, cash, cheques etc.).
• Instructions for the handling of various documents and processes are described.
• This manual covers procedures for encashing prize bonds, including cash and bank credit options.
• The procedure for the transfer of prize bond ownership is explained in detail.

Additional Topics (pages 24-26)

• Procedures for handling lost, stolen or damaged prizes are detailed.
• Processes for issuing duplicates of prize bonds are detailed.
• Processes and procedures for handling various types of cases are present (e.g defective, prize winning, etc).
• Required formats including Form PPB-7, PPB-7A, are explained.

Additional Topics (pages 27-28)

• The document lists the additional documents required for corporate investors.
• The manual discusses details of various documentations.

Additional Topics (pages 29-30)

• This section describes the draw procedure for Premium Prize Bonds.
• The manual details the responsibilities and procedures involved in the draw process.
• The procedures included in the draw process are detailed regarding different scenarios (e.g., correcting errors, handling issues, maintaining records, etc).

Additional Topics (pages 31-34)

• This section details the handling of various prize bond cases including the processing, verification, and reconciliation of prize bond claims.
• Information in the manual is categorized by case types.

Additional Topics (pages 35-38)

• Procedures for handling transactions involving forged or tampered prize bonds are detailed.
• Information regarding the responsibilities of officials in handling these cases.
• Relevant forms and registers to be used for handling such situations are also identified (e.g., Register of Defective Bonds, Report PB-50).
• The format and procedure required for handling and reporting prize bond related forgeries for specific scenarios are detailed.

Additional Topics (pages 39-41)

• This document covers how to handle mutilated prize bonds.
• Procedures are explained for cases related to defective prize bonds.
• The steps for transferring, issuing, and accounting for prize bonds are outlined.

Additional Topics (pages 42-45)

• Procedures for transferring prize bonds between parties.
• The manual describes how to maintain a register of transferred bonds.
• Procedures covering various cases are detailed here.

Additional Topics (pages 46-48)

• This section is related to the verification of balances of defence saving certificates.
• The process of checking, calculating, and reporting balance is described.
• The manual illustrates how to identify and document cases of prize bond loss/destruction/theft.
• The procedures are outlined for issuing replacement certificates with necessary information/documents and fees, and the required records.

Additional Topics (pages 49-51)

• The list of prize bonds for re-issuable bonds (PB-35).
• The process for creating, reviewing, authorizing and checking the prize bond list with the respective documents.
• It outlines procedures that will be followed to fix the discrepancies and correcting errors in the PB-35 list.

Additional Topics (pages 52-55)

• The process for listing defective bonds.
• Procedures for destroying defective bonds.

Additional Topics (pages 56-58)

• This section entails the process for crediting prize money to the government account.
• The process of substituting prize bonds and the procedure for de-listing prize bonds are explained.
• The rules, procedures, and required forms are outlined.

Additional Topics (pages 59-61)

• This section details the process of crediting listed prize-winning bonds to the government. This includes the process of endorsing such bonds and details about the committee.

Additional Topics (pages 62-64)

• This section covers the procedures and instructions for handling forged or tampered prize bonds, including reporting and handling cases of fraud.
• The various procedures outlined entail handling different scenarios related to prize bond fraud.

Additional Topics (pages 65-68)

• This section provides details on how to handle cases of defective prize bonds.
• The manual explains the process for transporting prize bonds to PSPC for verification.

Additional Topics (pages 69-72)

• This section details various forms required, including PPB-4, PPB-8, for handling prize bond transactions.

Additional Topics (pages 73-74)

• This document provides a list of RTGS Bank Account titles for reference.