Wednesday October 27, 2021

LHC to hear petition challenging move to discontinue Rs7,500 prize bonds

Petitioner calls on LHC to declare government's move to discontinue Rs7,500 prize bonds void

By Web Desk
May 05, 2021
File photo.

The Lahore High Court (LHC) will hear a petition challenging the government's move to discontinue Rs7,500 prize bonds, according to a report in Jang

Justice Jawad Hassan will preside over the hearing, which has been scheduled for today. The petitioner, Anwar Ali Sanga, has made the federal government and the Governor State Bank of Pakistan (SBP) Dr Reza Baqir parties to the case.

The petition filed at the LHC states that an auction of the prize bonds was supposed to be held on May 3. However, on April 28, the SBP had issued a notification in which it banned the buying and selling of prize bonds as well as its auction.

The petitioner maintained that the ban was an illegal move and a discriminatory act hence it should be declared void.

Last month, a notification by the federal government said announced draws for Rs15,000 and Rs7,500 prize bonds would not be held.

The government had said Rs 15,000 bonds will no longer be cashable after June 30 and the Rs7,500 bonds can only be encashed till December 31.

The notification stated that people who do not wish to cash the bonds can pay an additional amount and convert them into Rs25,000 and Rs40,000 bonds. It also stated that the users can convert those bonds into special savings and defence saving certificates.

The government had said the prize bonds can be encashed by people via their bank accounts.