BALKRISHAN MALHOTRA Vs. DEPARTMENT OF POST

JUDGEMENT

(1.) The petitioner has filed the present petition praying that the respondents be directed to release a sum of Rs.23,83,912/- as per the statement of accounts provided to the petitioner along with interest at the rate of 18% per annum with effect from 01.04.2018 till the date of payment.

(2.) The petitioner is a citizen of India. On 25.03.1998, the petitioner opened a Public Provident Fund Account (Account no. 16627, subsequently renumbered as Account no.1146651453 hereafter referred to as 'the PPF Account') in the name of his Hindu Undivided Family (HUF) with the GPO. It is stated that the PPF Account was opened by the petitioner for long term savings and in order to avail the tax exemptions available under Section 80C of the Income Tax Act, 1961.

(3.) The PPF Account was opened on 25.03.1998 with the maturity date as 31.03.2013 (that is, for a term of fifteen years) and the petitioner made an initial deposit of Rs.18,000/- on 30.03.1999.