STATE BANK OF INDIA Vs. M. H. PATEL

JUDGEMENT

(1.) The complainant purchased two gold bars of 999.9 purity and weighing 500 grams each from Bank of India and deposited the same with the petitioner State Bank of India, under a scheme namely 'SBI Gold Deposit Scheme'. Since, the scheme envisaged determination of the actual weight and purity of the gold by ASSAY, done after melting the gold bars were sent by the petitioner to Respondent No.4 India Government Mint for testing their purity by melting. On melting, the gold bars, their purity was found to be 999.9 purity. However there was a nominal loss in the weight of the gold bars during the process of melting, the said loss being to the extent of 0.04%.

(2.) It was also certified by India Government Mint that the weight of the gold in 995 purity would be 502.161 for one bar and 501.809gms for the other bar. It was also certified that the weight in 999.0 purity would be 500.150 gms in respect of one bar and 499.800 gms in respect of the other bar. Based upon the purity and weight so determined by the Government Mint, the petitioner State Bank of India sent certificates in terms of the scheme under which the gold bars were deposited by the complainant and he was informed that the weight of the gold bars was 499.8 in respect of one bar and 500.150 in respect of the other bar in 999 purity. The complainant there-upon approached the concerned District Forum by way of a consumer complaint, disputing the weight given in the certificates issued by the petitioner and seeking compensation. Bank of India, petitioner the state Bank of India and Government Mint were impleaded as the opposite parties in the consumer complaint.

(3.) The complaint was resisted by the petitioner, which inter-alia stated in its reply that the gold bars deposited by the complainant were sent to Government Mint as per terms of the scheme and actual weight and purity, as verified by Government Mint was notified to the complainant and was binding upon him.