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Lahore High Court to hear challenging move to close Rs 7,500 prize bonds

Lahore High Court to hear challenging move to close Rs 7,500 prize bonds

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According to a report, the Lahore High Court will hear a petition challenging the government’s move to close Rs 7,500 prize bonds. War.

Justice Jawad Hassan will preside over the hearing, which is scheduled for today. Petitioner Anwar Ali Sanga has implicated the federal government and Governor State Bank of Pakistan (SBP) Dr Raza Baqir in the case.

The petition filed in the LHC said that the auction of prize bonds was to be held on May 3, however, on April 28, the SBP had issued a notification banning the sale and purchase of prize bonds. Auction

The petitioner contended that the ban was illegal and discriminatory and should therefore be declared null and void.

Last month, the federal government issued a notification stating that Rs 15,000 lottery and Rs 7,500 prize bonds would not be held.

The government had said that after June 30, bonds worth Rs 15,000 would no longer be eligible and bonds worth Rs 7,500 could only be withdrawn by December 31.

The notification said that those who do not want to take cash from the bonds can pay extra and convert them into Rs 25,000 and Rs 40,000 bonds. It also states that users can convert these bonds into special savings and defense savings certificates.

The government had said prize bonds could be broken through their bank accounts.