Prize Bonds(Pakistan) are bearer type of security available in the denominations of Rs.200, Rs.750, Rs.1,500, Rs.7,500, Rs.15,000 and Rs.40,000. These bonds are issued in series. Each series consist of one less than 1,000,000 bonds. No fixed return is paid but prize draws are held on quarterly basis. The draws are held under common draw method and the number of prizes are same for each series. It means that if 50 series of Rs.200 Prize Bond are in circulation. Then on each draw we have 50 winners of 1st prize and 150 winners of 2nd Prize and so on.

Prize Bonds(Pakistan) are bearer type of security available in the denominations of Rs.200, Rs.750, Rs.1,500, Rs.7,500, Rs.15,000 and Rs.40,000. These bonds are issued in series. Each series consist of one less than 1,000,000 bonds. No fixed return is paid but prize draws are held on quarterly basis. The draws are held under common draw method and the number of prizes are same for each series. It means that if 50 series of Rs.200 Prize Bond are in circulation. Then on each draw we have 50 winners of 1st prize and 150 winners of 2nd Prize and so on.

Read More

Prize bond Schemes Offer by Govt. Pakistan Various related Pakistani Prize Bond Schemes are offered by Government of Pakistan which is mentioned here in PkPrizeBond.Com. Apart from Defense Savings Certificates (DSC), Special Savings Certificate Registered (SSCR), Regular Income Certificate (RIC), Bahbood Savings Certificate (BSC) these related Pakistani Prize Bond Schemes are Savings Account (SA), Pensioner’s Benefit Account (PBA), Special Savings Account (SSA) etc. Let’s take a quick review of all these related Pakistani Prize Bond Schemes gradually.

Read More

Frequently Asked Questions on Prize Bonds (Answer from State Bank of Pakistan)

Read More

Report No. 50

Prohibition of Unauthorised Business of Sale/Purchase of National Prize Bonds

The sale of National Prize Bonds, a Federal Government Security, are regulated through statutory rules and orders promulgated by the Federal Government from time to time. Presently, National Prize Bonds of rupees 200, 750, 1500, 7500, 15000 and 40000 denomination are in circulation. The sale/encashment of these prize bonds is governed under SROs. The rules authorized the sale/encashment of these prize bonds by the State Bank of Pakistan, the Schedule Banks, National Saving Centers and also the Head Posts Offices. No other person/agency, unless specifically authorized under these rules, is allowed to undertake business of sale/purchase of prize bonds. The unauthorized transactions of these Government instruments are a violation of the statutory rules of the Government. The unscrupulous persons/dealers conduct the business of the sale and purchase of the prize bonds at other than the face value throughout the country. They are also selling the number of prize bonds to the people with the attraction that if their number comes in the draw, they will be entitled to the prize equal or double of the prize amount. The people are investing a huge amount in this nefarious business of purchasing the number of the prize bonds. As reported in the newspapers, when the prize is won in the draw against the number purchased by individual, the prize bond dealers become reluctant to pay the promised prize to the purchaser of the number, resulting thereto in hot altercation amongst them, causing death or hurt to each other. This is not documentary business which is causing loss to the state exchequer in the shape of evasion of taxes. As the dealers are selling the serial numbers of the prize bond without actually purchasing the prize bonds, thus their activities are causing loss to the economy. The sale of coupons, tickets, number of figures or any other device for National Prize Bonds are essential elements of lottery, because such schemes for distributing prizes are determined by chance, therefore, are prohibited.

Earlier too, the Federal Government took notice of this illegal business of selling serial numbers of the prize bonds and promulgated the Criminal Law (Third Amendment) Ordinance, 1995 (LXXII of 1985), thereby inserting a new Section 489F in the Pakistan Penal Code to provide punishment for indulging in the business of sale or purchase of bonds by the individuals, in contravention of the rules. However, the ordinance lapsed on expiry of four months period.

In order to curb the increasing tendency of this nefarious business, it is proposed to make addition of Section 489F in Pakistan Penal Code 1860 and consequential amendment to the Code of Criminal Procedure, 1898 as follows:

1. 489F. “Counterfeiting or using documents resembling National Prize Bonds or unauthorized sale thereof.- Whosoever counterfeits, or causes to counterfeit, or performs any act to use for any purpose whatsoever, or delivers to any person, any document purporting to be, or in any manner resembling to the National Prize Bonds, or indulges in the business of sale or purchase of National Prize Bonds, or promotes such sale or purchase of National Prize Bonds, in contravention of the rules made for that purpose, shall be punishable with the imprisonment for a term which may extend to five years, or with fine not exceeding one hundred thousand rupees, or with both.”

2. Amendment of Schedule II, Act V of 1898.- In the Code of Criminal Procedure, 1898 (Act V of 1898), in Schedule II, after the entries relating to section 489E, the following new entries shall be inserted, namely:-

Commission’s deliberations

The Commission in its meeting held on 21 December 2002 also considered the problem of Prize Bonds business through unauthorized dealers by selling to the public “numbers” and thereby depriving the national exchequer of revenue. The Commission noted that the sale/encashment of national prize bonds is regulated through statutory rules and orders of the Federal Government and such bonds can be purchased/encashed only through the authorized scheduled Banks or National Saving Centres or Head Post Offices, and that no private person or dealer or agency can carry out such a business. The activities of such unauthorized dealers, therefore, are unlawful and must be checked to save the public of fraud/cheating. The Commission therefore, recommended a draft amendment to the Pakistan Penal Code to ban such business by prescribing the punishment of 7 years rigorous imprisonment and fine up to one lac rupees to those who indulge in this unauthorized business and it should also cover the act of numbers being sold to the public. Accordingly, a draft Bill is at Appendix.

Appendix

A

BILL

further to amend the Pakistan Penal Code, 1860 and the Code of Criminal Procedure 1898.

WHEREAS it is expedient further to amend the Pakistan Penal Code, 1860 (XLV of 1860) and the Code of Criminal Procedure,1898 (Act V of 1898) for the purpose hereinafter appearing;

It is hereby enacted as follows:-

1. Short title and commencement.- (1) This Act may be called the Criminal Law (Amendment) Act 2002.

(2) It shall come into force at once.

2. Addition of section 489G, Act XLV of 1860.- In the Pakistan Penal Code, after section 489F, the following new section shall be inserted, namely:-

“489G. Counterfeiting or using documents resembling National Prize Bonds or unauthorized sale thereof.- Whosoever counterfeits, or causes to counterfeit, or performs any act to use for any purpose whatsoever, or delivers to any person, any document purporting to be, or in any manner resembling to the National Prize Bonds, or indulges in the business of sale or purchase of National Prize Bonds or Serial Number of National Prize Bond, or promotes such sale or purchase of National Prize Bonds or Serial Number of National Prize Bond, in contravention of the rules made for that purpose, shall be punishable with the imprisonment for a term which may extend to seven years, or with fine not exceeding one hundred thousand rupees, or with both.”

3. Amendment of Schedule II, Act V of 1898.- In the Code of Criminal Procedure, 1898 (Act V of 1898), in Schedule II, after the entries relating to section 489F, the following new entries shall be inserted, namely:-

Source:- http://www.commonlii.org/pk/other/PKLJC/reports/50.html

Security agencies have arrested four Cobra operatives, suspected to be linked with notorious American spy agency Blackwater, while they were trying to force their entry into Lahore Cantonment on Saturday.
Well-placed sources disclosed to TheNation that the security personnel recovered lethal weapons including AK-47 rifles and spy gadgets from their possession at a checkpost near Sherpao Bridge.
The law-enforcement agencies had been put on high alert across the provincial metropolis and armed patrolling had been intensified, following the twin suicide terrorist attacks at Moon Market last week, which had killed over 50 people.
Sources claimed that the alleged arrested members of the notorious spy agency were taken to some unknown place for further interrogation after they failed to produce necessary documents and the purpose of entering into the most sensitive area in the City.

Read More

NEW YORK (Reuters) – If you plan to show up in court, it may be best to dress up for the occasion.

A federal judge in Brooklyn, New York on Thursday threw out a complaint by a lawyer alleging a constitutional right to wear jeans and a baseball hat in a courtroom.

Todd Bank, whose office is in Kew Gardens, New York, showed up in a Queens housing court in March 2008 while wearing a button-down shirt, blue jeans, socks, shoes and a baseball hat that read “Operation Desert Storm.”

Judge Anne Katz told Bank he was dressed inappropriately, and court clerk Jude Albano told him to take the hat off.

Bank sued both, saying his right to free speech and his liberty to dress as he wishes, which he said are guaranteed under the First and Fourteenth Amendments, allowed him to wear the clothing.

Not so, said U.S. District Judge Nicholas Garaufis.

A courtroom is a “staid environment” where a judge may set reasonable limits on litigants’ behavior to enforce “commonly shared mores of courtroom civility,” he wrote.

He said the case raised “no serious dispute,” lamenting that the office of New York State Attorney General Andrew Cuomo “has now had to expend resources” defending the matter.

The judge added, however: “When he is not in court, plaintiff is free to express the ideas he wishes to express, and to wear the attire he chooses to wear.”

Bank did not immediately return requests for comment. He did not allege discrimination on the basis of the hat’s content.

http://news.yahoo.com/s/nm/20090925/od_nm/us_lawyer_dress;_ylt=A0wNdPss3b1KQRcAId2s0NUE;_ylu=X3oDMTFmYjJrMHE1BHBvcwMyMDYEc2VjA2FjY29yZGlvbl9vZGRfbmV3cwRzbGsDanVkZ2V0b2xhd3ll

Language of Law School. Learning to ‘Think Like a Lawyer

In this linguistic study of law school education, Mertz shows how law professors employ the Socratic method between teacher and student, forcing the student to shift away from moral and emotional terms in thinking about conflict, toward frameworks of legal authority instead.

Read More

The government of Pakistan and its apex court came infront of each other when President Asif Ali Zardari appointed the top judges according to their seniority ignoring the recommendations of the top judge of the Supreme Court, Justice Iftikhar Mohammad Chaudhry.

The three member bench of Supreme Court suspended the Presidential order on the appointment of the judges on Saturday.

Read More

At a meeting of the parliamentary group of Pakistan People’s Party held here on Tuesday, lawmakers of the party consumed most of the time on their personal grievances and grant of development funds, instead of discussing matters related to parliament’s work.

Sources told Dawn that almost all members, particularly those from Sindh, complained to Prime Minister Yousuf Raza Gilani that they were not able to solve problems of their voters although the PPP headed the government at the centre and in the province.About 50 per cent of the 120 MNAs of the party attended the meeting.

Read More

President Asif Ali Zardari on Friday signed the Women Protection Bill into law during a ceremony at the chief minister house. Passed by National Assembly on January 21 and a day earlier by Senate, the law provides for increased punishment over harassment of women at workplaces.

Protection against Harassment of Women at Workplace Bill-2009 amends Pakistan Penal Code and Code of Criminal Procedure, increasing punishment for the crime up to three years in prison and fine of up to Rs500,000.

Read More