The federal government’s decision to ban the sale and purchase of Rs 7500 prize bonds has been challenged at the Lahore High Court (LHC). Justice Jawwad Hassan will be hearing the case today.
The petitioner in the case Anwar Ali Sangha has made the federal government and governor of the State Bank of Pakistan (SBP) parties to the case. The petition states that there was a draw to be held on May 3rd, but on April 28th SBP issued a notification in which it banned Rs 7500 prize bonds.
The petitioner argued that the ban was illegal and should be declared void. Last month, a notification by the federal government announced that draws for Rs.15,000 and Rs. 7,500 prize bonds would not be held.
The government further stated that prize bonds of Rs. 15,000 will not be cashable after June 30 and Rs. 7,500 prize bonds can be encashed till Dec 31. The notification by SBP stated that people who do not wish to cash can add more money and exchange the bond with Rs. 25,000 or Rs. 40,000 bonds. Furthermore, the bonds can also be converted to special saving certificates.
The government had said the bonds can also be encashed via bank accounts.