Home National SBP is accountable for Rs4.31bn prize money of Rs7, 500 bonds:...

SBP is accountable for Rs4.31bn prize money of Rs7, 500 bonds: FN

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Imran Zakir

KARACHI: State Bank of Pakistan is accountable for Rs. 4.31 billion prize money of Rs7,500 bonds because no further draw will be held and government decided denomination of Rs. 7,500 bonds will badly affect our economy stated by Farooq Noorani Bondwala Chairman All Pakistan Prize Bond Dealers Welfare Association on Monday in a press conference held at Bolton Market Karachi.
He said that the Government is making the life of common man difficult by enforcing drawing room economy policies having no consultation with stakeholders; ultimately, they will lose their livelihood.
Whose pocket has this money gone to? question raised by Muhammad Yaqub Memon and Abdul Razzaq Sangani and Altaf Lakhani who are notable prize bond dealers in a Press conference and said that total encashment money is around Rs.900 billion which the government has to pay to Rs.7,500 prize bond holders despite the heavy debt burden of the IMF.
All Pakistan Prize Bonds Dealers Welfare Association officials said that the Government of Pakistan has created difficulties for the business community and adopted a strategy to make the traders of prize bonds unemployed.
Moreover, they said that the present government has failed in financial planning and is willing to enslave its foreign masters by impoverishing its nation due to poor policy and quote the SBP governor is an IMF agent.