Halting 7500 bonds draw equals to economic bomb, say dealers

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All Pakistan Prize Bonds Dealers Welfare Association Chairman Muhammad Farooq Noorani Bondwala, Muhammad YaqubMemon, Abdul Razzaq Sangani, Arif Ismail and Altaf Lakhani have said that closing the lottery of 7500 prize bonds overnight is an economic burden on the people.

“It is like dropping a bomb. The SBP should give an account of Rs. 4.31 billion. Whose pocket has this money gone?” They said the government is borrowing so much from foreign countries that in the future we will be forced to compromise with our national economy and on the nuclear program.

Addressing a joint press conference at Karachi Press Club on Monday, they said said that while the government of Pakistan has created difficulties for those doing business in other business circles, it has also adopted a strategy to make the traders of prize prize bonds unemployed. He said that the previous governments had adopted foreign loans.

To avoid this, the National Savings Bank has been issuing prize prize bonds to its own people so that the government can support the national economy with the money of the patriots of its own nation instead of reaching out to others.

Prize bonds of up to Rs 40,000 have been issued in the country but now the present government is planning to enslave its foreign masters by impoverishing its nation due to poor policy. The government is borrowing so much from foreign countries.

The leaders of the All Pakistan Prize Bonds Dealers Welfare Association said that another sorrow and concern for the poor people is that the SBP  When any prize bond was issued, various counters were opened in other banks including National Savings Bank from where billions of rupees worth of prize bonds were issued.

But when it came time to close prize bonds, all banks would withdraw prizes from poor people.

He said that difficulties were being created and the withdrawal time was not being extended due to which crores of rupees in prize bonds would remain just a piece of paper.