LHC moved against withdrawal of Rs7,500 prize bonds

LAHORE: A citizen filed on Wednesday a petition in the Lahore High Court (LHC) against the government’s April 29 decision to withdraw prize bonds of Rs7,500 denomination.

After a preliminary hearing, a bench of the LHC reserved a verdict on the maintainability of the petition.

The petitioner stated that the government withdrew prize bonds of Rs7,500 denomination two days before their scheduled draw.

Also Read: Govt decides discontinuing Rs7,500 prize bond

The court was pleaded to order the government to hold a draw for Rs7,500 prize bonds.

On April 29, the government decided to withdraw prize bonds of Rs7,500 denomination with immediate effect and allowed its conversion into registered bonds of higher denomination.

In a notification issued by the finance ministry, the government called for withdrawal of “Rs7,500 denomination National Prize Bonds from circulation with immediate effect under Sub-Rule 1 of Rule 4 of National Prize Bonds Rules 1999”.

Read: Government bans sale of Rs25,000 prize bonds

It said the prize bonds of Rs7,500 denomination shall not be sold with immediate effect and will not be encashed or redeemed after December 31, 2021.