A set of petitions filed against the federal government’s decision to discontinue prize bonds of Rs. 7,500 was dismissed by the Lahore High Court (LHC).
The decision came when there were two days left for the scheduled draw.
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The petitions had stated that the government’s decision was unlawful and discriminatory, and the petitioners had requested the court to allow the sale and purchase of the bonds.
According to the argument of the complainants, the prize bonds draw had been scheduled for 2 May but the government had issued a notification announcing the discontinuation of the bond on 29 April.
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Justice Jawad Hassan of the LHC had reportedly reserved the verdict before the Eid holidays. He dismissed the petitions and announced the verdict.
Justice Hassan had observed that the discontinuation of bonds was a policy decision of the government, which is why the courts could not interfere in it.
The government of Pakistan, through the Ministry of Finance, had issued a directive for discontinuation for Rs. 7,500 bonds with immediate effect.
The notification said the circulation of Rs. 7,500 prize bond will be seized immediately, and no one would be authorized to handle or trade the prize bond with a denomination value of Rs. 7,500, starting immediately.
Rs. 7,500 bondholders are given the following three options to convert their bonds:
- Convert to higher denomination bonds of Rs. 25,000 or Rs. 40,000
- Replace with Special Saving Certificates
- Encash the bonds.
