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Lottery Prize Money: Amit Sehra of Kotputli bought two lottery tickets by borrowing Rs 1000 from Mukesh. He won Rs 11 crore on one. But have you ever wondered whether you get a reward for losing a lottery ticket or not? Let us give you the answer to this.
Lottery Prize Money: You must have heard this at some point or the other – ‘Whenever a giver gives, he gives for tearing down roofs..’, recently Amit Sehra, a resident of Kotputli, Rajasthan also got money for tearing down roofs. Actually, Amit had bought two lottery tickets and lost his prize of Rs 11 crore on one lottery ticket. Amit had bought both the tickets by borrowing Rs 1000 from his friend Mukesh. The news of lottery prize of Rs 11 crore has gone viral everywhere on social media.
According to the Lottery Regulation Act 1998 of the Government of India, lottery is a scheme in which people participating by purchasing tickets are given a chance to win a prize together. That is, for any such game to be called a lottery, it is necessary for many people to participate together; buying and selling of tickets is also necessary. But have you ever wondered what would happen if the winning ticket is lost after the lottery?
If someone loses his lottery ticket then what money will he get from the lottery?
At the same time, if any person wins a lottery and gets a prize but loses his ticket, then he will not get the prize money. Not only this, if a winner does not have the original lottery ticket and only has a photo, he will not be given the prize money.
What happens if lottery money is not claimed?
The money earned from the sale of lottery tickets will be credited to the public account of the state. The draws of all lotteries will be conducted by the state government only. If the prize money is not claimed within the time limit declared by the state government or the highest price is not won in anyone’s name, then it will become the property of the state government. The place of draw will be decided within the limits of the state where the lottery is held. There will be only one draw of any lottery in a week. There is no need for more than that. The state government will decide the time of draw and all the draws will be held at the same time.
Lottery Regulation Act 1998
Lottery Regulation Act 1998 is applicable in India. This Act clearly bans playing lotteries. But there is an exemption in this. If state governments want to run their own official lotteries, they can do so. For this, it is necessary to fulfill some conditions. No reward will be given on the basis of any already declared number or any single digit. The state government will put its logo on the lottery ticket, so that its validity can be proved. The state government will either sell the tickets itself or through registered distributors or sales agents.
Along with this, let us also tell you that there cannot be more than 6 bumper draws in any lottery in a year. If the Central Government brings any instructions related to this, it will be followed. If your prize is also declared, then you will have to go there and give the original ticket and your ID proof and you will be able to collect your prize. The time limit for awarding lotteries by government banks or registered ticket vendors is 30 days after the draw. Apart from this, if anyone violates the lottery law, he can be punished with imprisonment of up to two years or fine or both. So definitely see the golden dreams of lottery but understand its reality and its disadvantages very well.
