LAHORE: Holders of Rs 7,500 denomination national prize bonds are in a fix on the eve of its balloting as the government has notified to withdraw these bonds from circulation with immediate effect.
They said balloting against Rs 7,500 denomination national prize bonds was due on the 1st of May but the government has withdrawn it through a notification. Copy of the notification dated 28th April 2021, is available with the Business Recorder.
The prize bonds holder are totally upset over the development, saying that they had been carrying Rs 7,500 denomination prize bonds over the last three months to try their luck in balloting but the government has withdrawn the bonds two days prior to balloting. They said they are considering to approach the court of law on this move on the part of government.
According to them, investments have become zero as the government would not offer any profit against these prize bonds in case they present it to the State Bank of Pakistan. While terming it sheer dishonesty on the part of government, they said no one would trust the government in case it is going to withdraw the prize bonds.
Also, they further pointed out another irony that the State Bank of Pakistan had issued Rs 15,000 denomination prize bond worth billions of rupees on 28th April 2021 and the government withdrew these bonds on the same date through a notification. They said the government’s action of making Rs 15,000 denomination prize bonds ineffective on the same day carries no sense.
They said the government had withdrawn Rs 40,000 during the open period of the bonds, but withdrawn Rs 15,000 bond on the same day after issuing it for the general public.
However, sources from the Revenue Division told this scribe that the prize bonds of both the denominations have been withdrawn in line with the understanding with Financial Action Task Force (FATF). They said there would be no balloting against Rs 7,500 denomination prize bonds on the 1st of May.
Copyright Business Recorder, 2021
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