LHC bins pleas against withdrawal of Rs7,500 prize bonds

LAHORE: The Lahore High Court (LHC) on Tuesday binned pleas against the government’s decision to withdraw prize bonds of Rs7,500 denomination, ARY News reported.

Applicant Haji Asif and others moved LHC against the government’s April 29 decision. After a preliminary hearing, a bench of the LHC reserved a verdict on the maintainability of the petition.

The court while announcing its reserved verdict rejected the pleas.

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.

Read more: Govt decides discontinuing Rs7,500 prize bond

In a notification issued by the finance ministry, the government called for the 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”.

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.