NIDHI GARG Vs. STATE BANK OF PATIALA

JUDGEMENT

(1.) Through a single petition filed on 16.8.1999, the petitioner wishes to challenge, an order passed on 2.6.1998 by the State Commission exercising its original jurisdiction as well as order passed by the State Commission at the stage of execution of the above order dated 13.7.1999. A formal prayer for condonation of delay was also made in the petition filed before us to condone the delay in filing the appeal against the order passed by the State Commission on 2.6.1998.

(2.) This Commission vide its order dated 4.7.2000 decided to treat the petition as a revision petition against the order of the State Commission passed in execution on 13.7.1999. In the circumstances the order of State Commission passed on 2.6.1998 attained finality.

(3.) Brief facts of the case are that one Mr. S.P. Gupta, an NRI had three FCNR Term Deposit, in all, amounting to 5,000 maturing between the period of 1.4.1981 - 10.5.1981. Unfortunately the said, Mr. Gupta expired on 8.6.1980 and his mother after obtaining the succession certificate, presented herself before the respondents for payment. The respondents made payment in Indian Rupees of 3,95,126/- on the basis of circulars and instructions on the subject relevant for the period which was (i) to award the contracted rate of interest on FCNR A/c upto the dates of maturity in foreign currency, (ii) on the date of maturity to be converted into Indian Rupees, (iii) award rate of interest varying @ 10% - 12% for different periods, thus arriving at the figure of Rs. 3,95,126/- which was paid by the respondents on 29.3.1995. The complainant not being satisfied with the calculation and alleging deficiency on the part of the respondent, filed a complaint before the State Commission who after hearing both the parties directed the respondents to recast the amount of interest payable "to the complainant in accordance with the instructions contained in the compendium which was applicable".