Waivel of RD Default Fee for Oct.2015 in respect of RD Accounts attached to MPKBY Agents and PRSG Leaders in CBS Offices

A copy of the Postal Directorate Email on the above subject matter is reproduced below.

Government may link Interest rate on PPF and Post office deposits to bank deposit rates, RBI’s rates

The government may link interest rate on public provident funds ( PPF) and post office deposits to bank deposit rates or RBI's repo rate and allow for quarterly or half-yearly reset in returns on small savings schemes.

ADDENDUM to the Revision in Interest Rates of Small Savings Schemes w.e.f 1st April 2013

Click here to view  SB Order No.04/2013

CPMG MP Circle is holding the additional charge of CPMG Gujrat Circle

Sri Asuthosh Tripathi(IPoS1981 Batch) CPMG Madhya Pradesh Circle is ordered to hold additional charge of Gujarat Circle with immediate effect until further orders.

Click here to view the Directorate order in original.

Measures to be taken for prevention of frauds - S B order No. 11 / 2012

Click here to view S B Order No. 11 / 2012 issued vide Directorate's letter No. 113-11/2003-SB, dated 06.09.2012

CAG flays DoP for fraudulent encashment of postal savings Certificates

A fraudulent encashment of Kisan Vikas Patra/National Savings Certificates worth Rs 9.01 crore between 1996 and 2004 could have been prevented if the Head Post Office in Varanasi had sent the statement of unsold cash certificates to Director of Accounts (Postal), CAG said today.

”...statement of unsold cash certificates was not being sent by HPO (Head Post of office) Varanasi Cantt to Director of Accounts (Postal), Lucknow. If the prescribed procedure ...had been scrupulously followed that would have prevented the fraudulent encashment of KVPs/NSCs worth Rs 9.01 crore,” a CAG report tabled in Parliament said.

In another incident, the auditor has found irregularity in payment of interest amounting to Rs 2.26 crore to subscribers of Public Provident Fund Scheme as provisions relating to the scheme were not scrupulously followed.

The report said Post offices in Delhi have also not been able realise revenue to the extent of Rs 98.36 lakh due to failure of Chief Post Master General in Delhi to deduct commission in advance on purchase of revenue stamps from the state government.

The CAG Report for the year ended March, 2011 noted an infructuous expenditure worth Rs 64.62 lakh due to failure of Department of Post (DoP) to construct a postal complex on a plot acquired in 1990. 

Source : The Hindu Business Line

While the saving deposits with banks have a positive growth, there has been a decline in small savings collections - Minister informed Rajya Sabha

The details of saving deposits with Banks and Gross and Net Small Savings Collections during 2009-10, 2010-11, 2011-12 and during the current year are given below:-

(Rs. In Billion)

	2009-10	2010-11	2011-12	2012-13
Saving Deposits with Banks	11,367	12,855	14,442	15,578(April-August)
Gross Small Savings Collections	2509.3	2,747.2	2,190.0	516.7 (April-June)
Net Small Savings collections	643.5	586.5	6.5	(-) 19.2 (April-June)

           

Over Rs 750 crore lying in Silent post office savings Bank Accounts

 The government today said around Rs 752 crore is lying as unclaimed deposits in more than 2.49 crore inactive savings accounts in post offices.

"Rs 752,44,57,414.03 is the amount lying in all inactive (silent) accounts as on March 31, 2011 in 2,49,59,446 accounts," Telecom Minister Kapil Sibal said in a written reply to Lok Sabha.

West Bengal led the tally of unclaimed deposits with over Rs 107 crore lying in 20.16 lakh accounts, followed by Tamil Nadu (Rs 105.87 crore in 62.72 lakh accounts) and Uttar Pradesh (Rs 68.61 crore in 21.74 lakh accounts).

"The depositor of such account can activate the account at any time by transaction. Notices are issued every year to the account holder of such accounts who are not maintaining minimum balance. Special drives are launched to re-activate such accounts by issuing notices and giving information through electronic media," Sibal said.