SENIOR POSTMASTER FARIDABAD NIT Vs. MADAN LAL DHINGRA

JUDGEMENT

(1.) This order shall dispose of First Appeals Nos.146 and147 of 1995 filed by Senior Postmaster against Madan Lal Dhingra and Vasu Ram respectively, as the following question of law is involved in both the appeals: - "whether erroneous indication of a higher rate of interest and higher maturity value can be deemed to be a deficiency in service with reference to the law governing the sale of National Saving Certificates. " In both these case, the facts are almost common. The complainants purchased National Saving Certificates of different denominations during the months of December 1987 to March 1988. On the certificates, it was indicated that maturity value of the certificates of Rs.10,000/- shall be Rs.20,150/-. Howeveron maturity, when the complainants presented the National Saving Certificates for encashment, the Postal Department declined tomake payment as per indication on the National Saving Certificates on the ground, that ithad erroneously been so recorded. This, according to the complainants, amounted to deficiency in service on the part of the opposite party and prompted them to approach the District Forum, for the redressal of their grievance as they had suffered a considerable financial-loss.

(2.) In the written statement filed by the Postal Department, it was pleaded that the rate of interest having been reduced by the Government of India w. e. f.1.4.1987, by issuing policy instructions in their circular letter dated 6th of April, 1987, the total amount inclusive of interest payable on encashment of the certificates at any time after the expiry of its maturity period was to be Rs.190.10 paise for denomination of Rs.100/- and at similar proportionate rate for any other denomination. It was further pleaded, that these certificates in question had been purchased by the complainants from some Agent of the Postal Department, who had inadvertently omitted to impress the rubber stamps on the certificates, indicating the reduced rate of interest w. e. f.1.4.1987.

(3.) Learned District Forum after going through the matter accepted the complaints and directed the opposite party-Postal Department, to compensate the complainants i. e. purchaser of National Saving Certificates by making payment of full maturity value as per representation made by the Postal Department by making indication on the certificates. The Postal Department has further been directed to pay interest at the rate of saving bank deposits for the delayed period i. e. from the date of maturity till encashment of the certificates.