F. No. 32-01/2016-SB
Government of India
Ministry of Communication
Department of Posts
(F.S. Division)
Dak Bhawan, New Delhi
Dated: 04 /11/2016
To
All Heads of Circles
Addl. Director General,
APS, New Delhi
Subject:- Modification in Public Provident Fund (PPF)
Scheme Rules, 2016 regarding premature closure of PPF
Account.
Sir/Madam,
The undersigned is directed to say that vide its O.M No.1/4/2016-NS-II dated 20thJune,2016,
Govt. of India, Ministry Of Finance, Department of economic Affairs (Budget
Division) has notified the amendment to the Public Provident Fund Scheme, Rules
1968 as per the notification dated 18.06.2016 (Copy enclosed).
02.
As a result of this amendment, a subscriber shall be allowed premature closure
of his account or the account of a minor of whom he/she is the guardian, on a
written application to the Account Office, on any one of the following
grounds:-
(i)
the amount is required for the
treatment of serious ailments or life threatening disease to the account
holder, spouse or dependent children or parents, on production of supporting documents
from competent authority;
(ii)
the amount is required for higher education of the account holder or the minor
account holder, on production of documents and fee bill in confirmation of
admission in a recognized institute of higher education in India or abroad:
03.
However, such premature closure shall be allowed only after the account has
completed five financial years and such premature closure shall be subject to
deduction of such amount which shall be equivalent to one percent less interest
on the interest rates as applicable from time to time in the table payable on
the deposits held in the account from the date of opening of the account till
the date of such premature closure. This calculation has to be done in
accordance with the sample calculation as shown in the table attached in the
notification dated 18.06.2016. Post offices should follow the following
procedure while handling such cases:-
(a) All
requests for premature closure of PPF Account supported by Medical Certificate
from SMO or CMO of a Government Hospital/Dispensary/Health Centre (in case of
Para 02(i) above) and Admission Letter as well as Fee Bill from a recognized
Education Institute in India or abroad (in case of Para 02(ii) above) along
with Passbook, should be sent to Divisional Head by post offices after
verification of PPF Account details with the CBS system on the application of
premature closure. In case account stands at SO, SPM will also take Account
Closure Form (in duplicate) from the subscriber and send one copy to Divisional
Office along with other documents. Second copy of Account Closure Form should
be retained.
(b)
Divisional Head, after satisfying the genuineness of the documents, should
issue sanction, for premature closure of account and original documents along
with Passbook should be sent to Head Postmaster of the HPO concerned.
(c) Head
Postmaster should get the recalculation of interest done from SBCO (till
software is amended) and close the account as Exceptional Closure in Finacle
CBS Application and closure proceed should be credited into office account
0340. All such payments should be made only by crossed Cheque for the amount
calculated by SBCO (not as shown by Finacle). Closure Amount calculated by SBCO
(after re-calculation of interest) should be accounted in HPO LOT and
Consolidation after manual correction for which entry in HO Error Book should
be made. Copy of error entry should be attached with closure voucher. Sanction
of Divisional Head and supporting documents should also be attached to the
account closure voucher.
(d) In case
account stands at any SO, HPO should first transfer the account from SO to HPO,
close the account as mentioned above. Particulars of payment for which cheque
is issued as mentioned in Para(c) above, should be mentioned on the Account
Closure Form (already received from SO through Divisional Office) by HPO. This
amount should be accounted in HPO itself as it would appear in LOT and
Consolidation of HPO.
(e) HPO
should send cheque to SO duly entered in SO Slip and SO, on receipt of cheque,
will handover the cheque to the depositor after taking receipt on the Account
Closure Form retained by SO as mentioned in para 3(a) above. This Account
Closure Form shall be sent to HPO for onward transfer to SBCO. SBCO will attach
this Account Closure Form with the copy of Account Closure Form received from
HPO.
04.
This may kindly be circulated to all CBS and non-CBS Post Offices
for information and necessary guidance for staff and customers. Post
Offices on Sanchaya Post will close the account by using the option Claim
Closure and follow the rest of the procedure as mentioned for CBS Offices.
05.
This issues with approval of competent authority.
(Babu Lal Barolia)
Assistant Director (SB-II)
Copy to:-
All
No comments:
Post a Comment