CS writes to GS on the issue of verification of SB withdrawals above Rs 5000

No.  IP/ASP/ASSN                                                                                           Date:   20.6.2012

 To,

Sri. Vilas Ingale

General Secretary

AIAIASP

Sir,

                              Sub: Verification of SB withdrawals exceeding Rs 5000 – reg:

  This is to bring to your kind notice the urgent need to amend the extant provision of verifying SB withdrawals exceeding Rs 5000/-. Rule 85 of PO SB Manual Vol-I envisages verification of all withdrawals of Rs 5000 and above in all BOs and single handed Departmental Sub Offices.

  It may be seen that the BPMs are now authorized to sanction withdrawal up to Rs 5000/- independently without the prior approval of the Account Office.  Admittedly, the number of such withdrawals requiring verification as per Rule 85 of PO SB Manual Vol. I have gone up significantly which in turn has increased the work load of the Sub Divisional Heads who are already reeling under heavy pressure of work.  

  Further, consequent upon the restrictions imposed by the Income Tax Department, 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 the above cited rule.

Moreover the verification is now carried out with the help of Mail Overseers.  Most of the accounts in the rural areas are operated by ladies out of their savings from daily work.  The husband/other family members are not aware about this account and when Mail Overseers visit their house to verify the withdrawals, they are put to embarrassing situations. 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 IPs/ASPs.

In view of the above, it is imperative that the said provision of PS SB Manual is amended, raising the limit of verification to at least Rs 50,000/-. This issue may kindly be taken up with Directorate and necessary orders caused to be issued, which will be in the best interest of our members.

                                                                                                                            Yours faithfully

                                                                                                                                   

                                                                                                                         Ajith Kurian

                                                                                                                         Circle Secretary