Thursday, November 29, 2012

Verification of SB withdrawals exceeding Rs. 5000/-…Reg.

No. CHQ/IPASP/SB/2012                                                   Dated :        29/11/2012.

Ms Manjula Prasher,
Director General,
Department of Posts,
Dak Bhavan, Sansad Marg,
New Delhi 110 001.

Subject : Verification of SB withdrawals exceeding Rs. 5000/-…Reg.

Respected Madam,
   Your kind attention is invited to this Associations’ letters of even number dated 23/7/2012 (copy enclosed) and 21/9/2012 on above captioned subject.

           It has already been brought to the notice of Directorate that, as per the provision laid down in Rule 85 of POSB Manual Vol.-I, withdrawal of Rs. 5000/- and above in all Branch Post Offices (BOs) and single handed Departmental Sub Post Offices are to be verified by Sub Divisional Head or Public Relation Inspectors by contacting the depositor as quickly as possible.

          SB order No. 19/2009 dated 14/12/2009 has issued in connection with authorizing BPMs to sanction withdrawals from Rs. 2000/- to Rs. 5000/- independently without obtaining the prior approval of the Accounts Office and as per the directions given under Directorate memo No. 113-11/2003-SB dated 28/9/2006 and consequent upon the restrictions imposed by the Income Tax, all maturity amounts above Rs. 20000/- are now being paid through cheque. In order to avoid the cheque system the customers are seeking other options like crediting the value into their SB accounts. This credit is normally followed by withdrawals from SB accounts which will be, in almost cases more than Rs. 5000/-. This increases the number of such withdrawals requiring verification as per Rule 85 of POSB Manual Vol. I.

          Directorate is well aware that, Sub Divisional Heads have already over burdened since the introduction of MGNREGA payments, opening of new accounts including BPL, monitoring of CBS, procurement of PLI/RPLI business,  canvassing of BD products etc. The value of rupee is also going down day by day and the number of deposits and withdrawals of high value are on the increase causing much work load to the sub divisional head.

          In view of the above lines, your kind honour is once again requested to cause to issue necessary amendment to Rule 85 of POSB Manual Vol-I by enhancing the limit of verification of SB withdrawals from Rs. 5000/- to Rs. 30000/- at the earliest.

 Thanking you, 

Yours sincerely,
(Vilas Ingale) 
General Secretary

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