LAHORE, Sept 20: The proposed reduction in the total prize money allotted for different series of prize bonds was challenged in the Lahore High Court on Saturday.

The petitioner said the National Saving Centre had introduced a revised schedule in 1999 for the payment of prize money on different bonds’ series, reducing the amount. The schedule will be enforced from Oct 1, 2003.

The petitioner said the prize money limit on Rs40,000 bonds had been reduced by Rs100.66 million while the total prize money extent of Rs15,000 prize bonds had been restricted by Rs40 million. Similarly, prize money cut of Rs20 million, Rs4 million and Rs3.5 million had been recommended for Rs7,500, Rs1,500 and Rs750, bonds respectively.

The petitioner argued the NSC could not reduce the prize money because these prize bonds had been purchased prior to the issuance of the revised schedule.