(1) Every application regarding a treasury bill alleged to have been lost, stolen, destroyed, mutilated or defaced either wholly or in part shall be addressed to the office or agency of the Bank which issued it, and shall be accompanied by a registration fee of Re 1 per treasury bill and a statement of the following particulars, namely:-
(i) The circumstances attending the loss, theft, destruction, mutilation or defacement;
and
(ii) Whether the loss or theft was reported to the police;
(2) The application shall also be accompanied by-
(i) The Post Office registration receipt for the letter containing the treasury bill if lost in transmission by post;
(ii) A copy of the police report if the loss or theft was reported to the police;
(iii) An affidavit sworn before a magistrate testifying that the claimant was the last legal holder of the treasury bill; and
(iv) Any portions or fragments, which may remain of the lost, stolen, destroyed, mutilated or defaced treasury bill.
(3) The loss, theft, destruction, mutilation or defacement of a treasury bill shall be further notified by the applicant in one issue each of the Gazette of Pakistan and of the local official Gazette, if any, of the place where the loss, theft, destruction, mutilation or defacement occurred. Such notification should be in the form of following, or as nearly in such form as circumstances permit:- “Lost” (“stolen”, “destroyed”, “mutilated”, or “defaced” as the case may be).
“The Treasury Bill No.............for Rs.............issued by [(name of the Government concerned)] on .............and maturing after a period of.............months, having been lost (stolen, destroyed, mutilated or defaced) notice is hereby given that application is about to be made for payment of the value of the said Treasury Bill is favour of the undersigned.
Name of person notifying.
Residence.”
(4) After the publication of the notifications prescribed in sub-rule (3) hereof, the Bank shall, if it is satisfied of the loss, theft, destruction, mutilation or defacement of the treasury bill, and of the justice of the claim of the applicant, cause the particulars of the treasury bill to be included in a list such as is referred to in Rule 18 hereunder and may authorize the office of issue to pay immediately, or if the bill has not matured in the meanwhile, on the date of its maturity, the value of the bill to the applicant on the execution of an indemnity bond such as is hereinafter mentioned, provided that if for any reason the Bank holds that the payment of the value of the treasury bill as above would involve risk of loss to Government, it may withhold payment thereof, and in that case shall, within six weeks of the date of its decision to withhold payment or of the date of maturity of the treasury bill alleged to have been lost, stolen, destroyed, mutilated or defaced, whichever date is later, invest the amount of the treasury bill in the Post Office Savings Bank unless before the expiry of such period the applicant has made a specific request for the investment of the amount in securities or any of the current rupee loans of the [* * * *] Government maturing not earlier that the date on which the amount is due for payment and in that case the Bank shall invest the amount in such securities and deposit the balance if any left after such investment in the Post Office Savings Bank.
The Bank shall repay the amount invested in the Post Office Savings Bank, together with any interest which may have accrued thereon and, if any investment has been made in Government securities shall deliver such securities together with the interest accrued thereon to the applicant on the expiry of [three years] from the date of publication in the list mentioned above.
(5) The indemnity bond referred to in sub-rule (4) hereof if an indemnity bond has not been executed under Rule 22 (8) shall be for twice the value of the treasury bill. The Bank may direct that such indemnity bond shall be executed by the applicant alone or by the applicant and one or two sureties or that in lieu of furnishing sureties the applicant shall deposit with it collateral security in the shape of Government securities for such amount and period as it may think fit.