The Upper House of Parliament on Tuesday unanimously passed bill to criminalise fake prize bonds' business [the Criminal Law (Amendment) Bill, 2010]. Minister for Law, Justice and Parliamentary Affairs moved the Bill aims at preventing financial loss to innocent public and securing increased investment in the national saving schemes.
Minister for Law, Justice and Parliamentary Affair moved a motion in the House to dispense the Rules of Procedure and Conduct of Business in the Senate to take into consideration the bill as recommended for the passage by the Senate Standing Committee.
Chairman Senate Farooq H Naek put the bill in the House for clause by clause reading which was unanimously passed by the House. The Minister in the statement of objects and reasons said that the bill seeks to criminalise illegal business of and dealing in fake prize bonds. The Bill further seeks to specify the penalty and forum for the adjudication of the offence of illegal dealings in prize bonds.
Insertion of section 498G, Act XLV of 1860 was added in the Pakistan Penal Code, 1860 (XLV of 1860) after section 489 F under which ten years imprisonment and fine was recommended in case of counterfeiting or using documents resembling prize bonds or unauthorised sale etc, thereof.
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