BANK OF INDIA Vs. ORIENTAL RUGS P LIMITED

JUDGEMENT

(1.) In this appeal the judgment and order dated 25th November, 2000 passed by District Consumer Forum-I, Agra in Complaint Case No.266/1998 has been challenged. The facts of the case are as below.

(2.) The complainant, M/s. Oriental Rugs (P) Limited, 6/109, Belanganj, Agra sent one Bill No. C-160954 dated 7.2.1996 in respect of goods supplied outside India for the value of US dollars 73670 through opposite party, Bank of India, Branch Sanjay Place, Agra. The opposite party thereupon informed the complainant that the amount of US dollars has been credited in the account of the Bank on 22.2.1996 and an amount of Rs.25,15,881/- has been received by exchange from US dolars at the rate of Rs.34.15 per US dollar. The Bank credited this amount in the complainant's account on 1.3.1996. The rate of US dollars in terms of exchange in Indian rupees was Rs.36.47 on 22.2.1996 and 23.2.1996 and Rs.34.42 on 2.3.1996 and 3.3.1996. A note received from the State Bank of India to this effect confirming the exchange rates as above has been annexed with the complaint as Annexure 2. On the above dates the calculation of the US dollars after conversion into Indian currency is as follows : date us dollars rate of exchange in India as informed by State Bank on 22.2.1996 22.2.1996 73670 rs.26,86,745/- (Rs.36.47 per US dollar)

(3.) Thus the total amount comes to Rs.26,86,745/-. On 2.3.1996 the exchange rate of US dollar was Rs.34.42. The Bank credited in the account of the complainant exchange rate of dollars at the rate of Rs.34.15 which comes to a total sum of Rs.25,25,831/-. Therefore, an amount of Rs.1,70,914/- was credited less in the account of the complainant by the opposite party, Bank. This was done by calculating the exchange rate of US dollars at the rate of Rs.34.15 instead of Rs.34.42, leaving a difference of 27 paise and in terms of the total amount of dollars this difference comes to Rs.19,890.90. The complainant wrote letters dated 7.3.1996, 3.4.1996 and 26.4.1996 to the opposite party No.2, Bank of India, International Division, Bombay and also informed the opposite party No.1. Thereupon the matter was referred to the General Manager of the Bank in Uttar Pradesh who promised to look into the matter but nothing was done to retrieve the credit in favour of the complainant. The complainant then approached the Banking Ombudsman who decided the appeal in favour of the complainant. On a representation from the opposite party, Bank of India, the Banking Ombudsman reviewed his order dated 9.4.1997 rejecting the appeal and asked the complainant to approach the proper Forum if it deems fit. The complainant has stated that due to the intentional and negligent act of the opposite party and deficiency of service on their part he has been put to a loss of Rs.1,70,914/- and interest of Rs.36,575/-. He, therefore, lodged a claim before the District Forum praying for the following amounts to be awarded to him : (1)Amount credited less in his account rs.1,70,914/- (2)Interest at the rate of 18% per annum from 22.2.1996 to 30.4.1997 rs.36,575.80/- (3)Physical and financial torture rs.2,00,000/- (4)Legal and Miscellaneous expenses rs.3,511/-In all a claim of Rs.4,11,800.50 has been made.