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Bonds redeemed

October 23, 2012

KARACHI: The West Pakistan Land Commission has started redeeming land compensation bonds along with interest to landlords whose lands had been resumed by the Provincial Government under the Land Reforms.

The first payment for such bonds of the value of Rs11,74,616 has been made to 14 landlords of Multan district this month.

A total amount of Rs8,30,61,241 as compensation and Rs33,46,449 as annual interest is payable to those landlords whose lands had been resumed.

Compensation bonds were issued by the State Bank on behalf of the West Pakistan Government during 1961, bearing simple interest at four per cent per annum payable once a year under the West Pakistan Land Reforms (Payments of Compensation) Rules, 1961.

These bonds will be redeemed on July 1, 1985. The West Pakistan Land Commission, however, reserves the right to repay any number of bonds in part or full before their date of maturity.

The bonds issued by the State Bank are in the denominations of Rs10,000, Rs1,000 and Rs100. Fractions below Rs100 had been inserted in the bonds by hand.

The West Pakistan Land Commission, according to informed sources, will continue paying the principal amount of compensation bonds to landlords at short intervals so as to reduce the burden of interest. — Staff Correspondent