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Govt’s transfer to discontinue Rs7,500 prize bonds challenged at LHC

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An image of varied authorities issued prize bonds. Picture: File
  • Justice Jawad Hassan to preside over prize bond listening to right this moment.
  • Federal authorities had earlier introduced that it will discontinue the Rs7,500 prize bonds.
  • Petition seeks authorities’s transfer to be declared void.

LAHORE: The federal authorities’s resolution to ban the sale and buy and draw of Rs7,500 prize bonds has been challenged on the Lahore Excessive Courtroom, based on a report in Jang

Learn extra: Rs15,000, Rs7,500 prize bond to be discontinued: notification

Justice Jawad Hassan will preside over the listening to, which has been scheduled for right this moment.

The petitioner, Anwar Ali Sanga, has made the federal authorities and the Governor State Financial institution of Pakistan (SBP) Dr Reza Baqir events to the case.

The petition filed on the LHC states {that a} draw of the prize bonds was alleged to be held on Might 3. Nevertheless, on April 28, the SBP had issued a notification wherein it banned the shopping for and promoting of prize bonds in addition to its sale and buy.

The petitioner maintained that the ban was an unlawful transfer and a discriminatory act therefore it ought to be declared void.

Final month, a notification by the federal authorities mentioned introduced attracts for Rs15,000 and Rs7,500 prize bonds wouldn’t be held.

The federal government had mentioned Rs 15,000 bonds will now not be cashable after June 30 and the Rs7,500 bonds can solely be encashed until December 31.

The notification said that individuals who don’t want to money the bonds pays a further quantity and convert them into Rs25,000 and Rs40,000 bonds. It additionally said that the customers can convert these bonds into particular financial savings and defence saving certificates.

The federal government had mentioned the prize bonds could be encashed by individuals by way of their financial institution accounts. 

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