SB ORDER NO. 7/2011
F.No.32-01/2011-SB
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated: 25.05.2011
To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi
.
Subject: - Extension of PPF Scheme up to Post Offices with sanctioned strength of 2+1 ('A' class post office) w.e.f 1.7.2011.
Sir / Madam,
The undersigned is directed to say that PPF Scheme was introduced by the Government through PPF Act 1968 and was initially made operational through designated bank branches. The Scheme was introduced up to Head Post Level w.e.f 1.1.1979 and further extended up to LSG Post Offices w.e.f 1.7.1988. A review has been undertaken in this office to expand its operations to other Post Offices and it has been decided to expand the operation of this scheme up to 'A' class post offices i.e where one SPM and 2 PAs are sanctioned
2. The scheme will be made operational in such post offices w.e.f 1.7.2011. It is pertinent to mention that the scheme is a centralized one under which second set of data is to be maintained in SBSO at HPOs like savings account and all functions like Opening of account, registration of nomination, Interest Calculation, Sanction of Loan, Sanction of Withdrawal, Closure Sanction etc. are to be done at HPO level.
3. It is requested to circulate this letter to all Head Post Offices and 'A' Class post offices along with sufficient copies of all related forms/ledgers so that no one can find it difficult to make the scheme operational. It may also be ensured that working strength of such post offices may not become single handed at any point of time. Copy of PPF Rules framed by Min. of Finance under PPF Act 1968 and PPF operative rules given in POSB Manual Vol-I are enclosed for circulation to such post offices.
This issues with the approval of Secretary Posts.
Yours faithfully,
(Kawal Jit Singh)
Assistant Director (SB)
SB ORDER NO. 8/2011
F.No.113-01/2011-SB
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated: 25.05.2011
To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.
Subject: - Payment of deposits/certificates belong to minors- a clarification regarding.
Sir / Madam,
The undersigned is directed to say that this office is in receipt of complaints regarding insistence of issuing cheques of maturity/premature value of deposits/certificates in the name of minors instead of guardians by some post offices when at the time of payment, the minor not attained majority causing hardship to the depositors/certificate holders.
2. This issue has been examined in detail in this office and based on the provisions made in Section 10 of the Government Savings Bank Act 1873 and Section 5 of the Government Savings Certificate Act 1959, following clarification is being issued:-
In case of accounts:-
Payment of deposits to minor or guardian:-
(a) In case of Minor Account opened by guardian on behalf of minor where at the time of payment minor not attained majority, all payments should be made to the guardian after taking prescribed certificate. In case, minor attained majority before date of payment, prescribed procedure for conversion of account from the name of guardian to the name of minor who attained majority should be followed and payment should not be made to the guardian.
(ii) In case of individual accounts opened by minors of the age of 10 years or above in Savings/RD/TD or MIS schemes, all payments should be made to the minor himself who made the deposits irrespective of minor attained majority or not.
In case of certificates:-
Payment of certificates to minor or guardian:-
(i) In case of certificates purchased by guardian on behalf of minor, where at the time of payment, minor not attained majority, all payments should be made to the guardian after taking prescribed certificate. In case, minor attained majority before date of payment, prescribed procedure for conversion of certificate from the name of guardian to the name of minor who attained majority should be followed and payment should not be made to the guardian.
(ii) In case of certificates applied by minor and issued in the name of minor, all payments should be made to the minor himself who applied for issue of certificates irrespective of minor attained majority or not.
3. It is requested to bring this clarification to the notice all post offices for strict compliance.
4. This issues with the approval of DDG(FS).
Yours faithfully,
(Kawal Jit Singh)
Assistant Director (SB)
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