SB Order No. 07/2007 No.79-8/2004-FS (Vol-V) Government of India Ministry of Communications & IT Department of Posts Dak Bhawan, Sansad...
SB Order No. 07/2007
No.79-8/2004-FS (Vol-V)
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001.
Date: 15.6.2007
To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.
Subject:- Amendment in Rule 3 of SCSS Rules and regularization of SCSS accounts opened in contravention of proviso to Rule 3 sub-rule(2) of SCSS Rules i.e restriction on opening of more than one account in a calendar month in same deposit office.
Sir / Madam,
This is in continuation of this office letter of even number dated 21.5.2007 vide which it was informed that amendment to Rule 3(2) of SCSS Rules is under consideration of Min. of Finance and all cases where such account have been found opened in contravention of this rules should be referred to this office for regularization on case to case basis
2. The provision to sub-rule (2) of Rule 3 of SCSS Rules has now been omitted vide MOF Notification No. GSR 390(E) dated 24.5.2007 issue from file No. 2/8/2004-NS-II. Copy of this notification is appended with this letter.
3. Min. of Finance vide its letter No. F.15/3/2006/NS-II dated 9.5.2007 has authorized the Department of Posts to regularize all such accounts opened before issue of this notification in the manner given below:-
Method of regularization
If in any case two SCSS accounts are found opened in the name of same depositor in same deposit office in one calendar month, the second account opened should be amalgamated with the first account subject to other terms and conditions of the scheme. The date of opening of second account will be treated as date of opening of first account subject to the condition that second/subsequent irregular account will not earn any interest for the intervening period i.e. for the period from date of opening of first account to the date of opening of second/subsequent irregular account. The date of maturity of the second/subsequent irregular account merged with the first account will also become the same as of first account.
Example:- If first account is opened on 5th of a month and second account is opened on 25th, after amalgamating both the accounts, the date of opening and date of maturity of both the accounts will become on 5th. The second account opened on 25th will not earn any interest from 5th to 25th of the month.
4. This power of regularization on the above methodology is being delegated to heads of circles with immediate effect. Now no such case needs to be referred to this office for regularization.
5. This issues with the approval of DDG(FS)
Yours faithfully,
(Kawal Jit Singh)
Assistant Superintendent Posts (SB&CC)
COMMENTS