PREM CHAND AGGARWAL Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Prem Chand Aggarwal possessed 4 cash certificates of Rs.500/- each issued by Punjab National Bank for a period of 3 years w. e. f.25.7.1959. It appears that the certificates were misplaced by the deposit or and he approached the aforesaid Bank on 21.6.1992 for the refund. The claim was opposed. However, the District Forum-I ordered on 20.8.1998 that the complainant was entitled to refund of Rs.2,000/- together with interest @ 12% p. a. from 21.6.1992, the date of presentation. Aggrieved against it, the present appeal has been attempted.

(2.) Prem Chand Aggarwal possessed as many as 4 '3 Year Cash Certificates' of Rs.500/-each issued by Punjab National Bank which were issued to him on 25.7.1959 and were refundable after the expiry of aforesaid period of 3 years. Originally an investment of Rs.450/- was made by the depositor in respect of each of these certificates. Condition No.1 printed on the back of the certificate is reproduced as under : "face value of the Cash Certificate shall be payable at the office of issue on or after the expiry of the period of the Certificate. If the amount is not withdrawn on maturity, it shall not bear any further interest. "

(3.) This goes to show that since the complainant himself slumbered in presenting the certificates and approached the Bank on 21.6.1992 for claiming the refund, it cannot be said that he was entitled to interest for the aforesaid period. The plea of the Bank that the depositor has collected the money by presenting some duplicate copies could not be substantiated and was rejected by the District Forum. The finding of the District Forum that the complainant - now appellant - was only entitled to interest w. e. f.21.6.1992 when he approached the Bank for refund does not call for interference and is hereby affirmed. Costs Rs.2,000/- awarded is also affirmed especially because there has not been any cross appeal. The conclusion is that the appeal of Prem Chand Aggarwal for enhancement fails and is hereby dismissed. Announced.