The fund available for the buyback and amnesty has also increased by NZ$40 million ($26 million) through a contribution from the Accident Compensation Corporation (ACC), which takes the total allocation for the scheme reach NZ$208 million, reports Xinhua news agency.
"The buyback and amnesty has one objective: to remove the most dangerous weapons from circulation following the loss of life at the Al Noor and Linwood mosques (in Christchurch) on March 15," Police Minister Stuart Nash told the media here.
"The compensation scheme recognizes licensed firearms owners are now in possession of prohibited items through no fault of their own, but because of a law passed by almost the entire parliament," Nash said.
The buyback scheme came into force on Thursday and will runs for six months to December 20.
The amnesty to surrender firearms, parts, magazines and ammunition will also continue till the same date.
The buyback price will reflect the brand, make and model of the prohibited firearm, its base price, and its condition, he said, adding that dealers will be compensated for stock.
A new option allows owners of some prohibited firearms to have them modified by approved gunsmiths to make them lawful, with costs up to NZ$300 met by the crown, the Minister said.
The olice want to work closely with owners of prohibited items to help them comply with the law. Many gun owners are already playing their part to make the country a safer place, he added.
"The prohibition of military style semi-automatics was not directed at law-abiding people with legitimate uses for their guns. It was instead directed at making sure the events of March 15 never happen again," Nash added.
( With inputs from IANS )