What is Penal Interest?. How to Calculate?

Amounts defrauded from S.B. Accounts to Departmental Officials and not accounted for in the books of the Department.

58(1) After satisfying himself about the bonafides of the claim of the depositors in respect of defrauded amount, the Head of Circle/Regional Director/ Divisional Superintendent will approach CEPT Team to check whether defrauded amount can be restored in the accounts. In cases where CEPT approves restoration, the competent authority should issue sanction for the restoration of the defrauded amount with interest thereon up to the end of the year preceding the year in which the amount is restored to the account. The amount of interest to be restored to the account will be calculated by the Head Post Office and checked by the S.B. Control Organisation. In cases where restoration is not admissible, sanction will be issued for directly paying the defrauded amount to the claimant by Cheque. Accounts standing in CBS application should be closed in such cases in closure proceed paid to the depositors as per laid down rules.

Note :- The Head of Division(irrespective of status of the division) and Group 'A' Postmasters can sanction the claims upto Rs. 5000/- in each case regardless of the aspect of recovery of the loss subject to the condition that sanctioning authority has to ensure that there has not been any negligence on the part of the defrauded person in contributing to the fraud and also that settlement of claim will not cause any hindrance in concluding the enquiry, fixing responsibility and taking appropriate action against the officials at fault. These powers will be exercised personally by the Divisional Heads/Group 'A' Postmasters. Regional Directors are vested with powers to sanction claims without any limit. (DG Posts Letter NO. 8-5/2003-Inv(Pt) dated 5.6.2003)

(2)          Immediately on receipt of the sanction for restoration of amount, the Head Postmaster should credit the amount in the respective account (principal) and Interest should be credited by using HIARM menu by Supervisor SBCO. The net loss sustained by the department in respect of principal amount (arrived at after taking into consideration the deposits and withdrawals not accounted for by the departmental official) and interest thereon should be entered in the schedule of unclassified payment(UCP) by per contra entry as deposit (Total amount) in the list of transactions. Complete details of the charge should be given in the remarks field of the account and in column 3 of the schedule of unclassified payment to enable the Postal Accounts Office to classify the amounts properly.

(3)          When the amounts defrauded are to be recovered from the officials at fault, penal interest should be calculated in the manner prescribed in Rule 156(2) of the Central Government Compilation of General Financial rules, extract given below, on the amount outstanding from time to time for the actual number of days such amounts remain outside the custody of Government.

Rule 156 (2):- “A loan shall bear the interest for the day of payment but not for the day of repayment.  Interest for any period shorter than a complete half year shall be calculated as :-

Number of day x yearly rate of interest

365

unless any other method of calculation is prescribed in any particular case or class of cases.”

(4)          The penal interest will be recovered at the rate of 2 ½ % per annum (compound) over and above the rate of interest fixed from time to time for the various types of accounts and savings certificates for the period during which the amount was defrauded. The amount of penal interest will be calculated by the Head office and intimated to the punishing authority after check by the Control Organisation.

(5)          The interest may be recovered from the depositor/investor on the amount paid in excess for the actual period (total number of days) for which the amount excess paid is retained by him if the period is less than a complete half year. This will be done in the manner prescribed in sub para (3) above.

(6)          The normal rate of interest payable on each type of account or certificate and not the post-maturity interest rate will be applicable.

(7)          If the period is more than a year, the interest will be recovered at the compound rate of interest.

Note:- In case of recovery of interest from the members of the public to whom double or excess payment on account of discharge value of savings certificate or in any type of account due to negligence of the departmental officials and the amount over paid was retained by the depositor/investor for the considerable period till its refund at the instance of the department, the interest at normal rate only should be recovered from the depositor on the amount paid excess and for the period the amount was retained by him. The term “normal rate” means the rate of interest which was paid to the depositor/investor on his account/certificates, as the case may be. In case it is proved on enquiry that the member of the public defrauded the department by taking double payment deliberately, the desirability of instituting a criminal case may also be kept in view.

Fox Eg. SB scheme 

Normal Int rate = 4.0 %

Penal Int rate = 2.5 %

Total = 6.5 %

Sl No	Account No	Date of Suppression	Date of Credit	Defrauded Amount	No. of Days	Normal Interest	Penal Interest	Total  6.5 %
1	100000001	12-01-2019	22-08-2019	10000	223	562.08	152.74	714.82
2	do	31-01-2019	22-08-2019	5000	204	111.78	69.86	181.64
3	100000036	19-02-2019	31-08-2019	7500	194	159.45	99.66	259.11
4	do	25-02-2019	31-08-2019	15000	188	309.04	193.15	502.19
5	do	01-03-2019	31-08-2019	2000	184	40.33	25.21	65.33
				39500		1182.68	540.62	1723.30

Defrauded Amount	Rs. 39500
Total Interest ( Rounded off)	Rs    1723
Total Recovery	Rs  41223

** The penal interest will be recovered at the rate of 2 ½ % per annum (compound) over and above the rate of interest fixed from time to time for the various types of accounts and savings certificates for the period during which the amount was defrauded.

Source : SB Order 5/2018 (CBS Manual), Page No. 61, 62

//copy//-SAPOST

India Post ATM Transaction and Charge details

Charges in respect of different types of ATM transactions are given below which can be amended from time to time. 

ATM transaction / charge details

• Daily ATM cash withdrawal limit INR. 25000/-
• Cash withdrawal limit per transaction INR. 10000/-
• Charges for transactions done at DOP ATMs Free (Both Financial & Non Financial) with a limit of 5
• Financial transactions per day
• Permissible free transactions at other Bank ATMs(per month)
• Metro Cities - 3 free transactions (Both Financial & Non Financial)
• Non Metro Cities - 5 free transactions (Both Financial &Non Financial)
• Charges after exceeding permissible free transaction limit at other Bank ATMs
• Financial & Non Financial Transactions - Rs 20 + Applicable GST

//copy//-POTOOLS

PASTING OF PHOTO ON PASSBOOK EXCEPT SCSS SCHEME IS DISCONTINUED

           As per SB Order 14/2012 in the Subject Circulation of Master Circular No-1 on Anti Money Laundering(AML)/Combating of Financing Terrorism(CFT) norms applicable for Small Savings Schemes-regarding 

The SB Order has been communicated vide Directorate letter No.109-04/2007-SB dated 09.10.2012 under Major changes Point Number (iii) Pasting of photograph on Passbook (except SCSS account) and on Certificates discontinued.

Hence the pasting of Photos on the passbooks relating to below mentioned schemes has been discontinued in Post Offices.

1. Savings Account

2. Time Deposit 1 Year, 2Year, 3Year and 5Year Schemes

3. Recurring Deposits

4. Public Provident Fund - PPF

5. Sukanya Samridhi Account - SSA

6. Monthly Income Scheme - MIS

7. Certificates - NSC and KVP

Pasting of Photograph still continued only Senior Citizen Savings Scheme (SCSS) in Post Office. all other schemes has been discontinued from 09.10.2012

**********************

SB Order No. 9 / 2018 : Circulation of POSB (CBS) Manual

Click Here to view the POSB (CBS) Manual

Steps taken for smooth functioning of POSB operations and prevention of frauds in CBS Offices

Click here to view

Finacle : Closing of RD Account if loan exists

Premature Closure ( If 60 months not elapsed from date of opening)

Invoke the RD Closure menu CRDCAAC from Operator Login. System will automatically deduct the RD Loan amount and interest will be calculated on SB Rate of interest as per rule. Loan interest will not be calculated. RD Loan account balance will become 0 but will not be closed. Loan account with Zero balance should be remained as it is and not closed. No need to invoke HLAUPAY or HPAYOFF for repaying the Loan amount.

On Maturity ( If 60 months elapsed from date of opening)

RD Loan amount should be adjusted before closing the RD account. Invoke the menu HPAYOFF (Loan Pay Off Process) to pay the pending principal along with interest. Interest will be calculated at the prescribed rate. Total amount displayed to be collected from the customer. In case of transfer, select the repayment account of customer or office account from where the loan amount is adjusted. Supervisor need to verify the same. Invoke the menu HCAAC to close the RD Loan account and verify the same. Invoke the menu CRDAAC to close the RD Account.

Public Provident Fund account will be closed, NSCs encashed if holder turns NRI

11

×

NRIs are not allowed in instruments like the National Savings Certificates, Public Provident Fund, Monthly Income Schemes and other time deposits offered by the post office.

Amending rules on post office savings schemes like the National Savings Certificates (NSC) andPublic Provident Fund (PPF), the government has notified that such accounts would be closed prior to maturity in case of holders changing their personal status to become non-resident Indians(NRIs).

The amended rules were notified in the official gazette earlier this month.

The amendment to the PPF Scheme, 1968, says: "If a resident who opened an account under this scheme, subsequently becomes a non-resident during the currency of the maturity period, the account shall be deemed to be closed with effect from the day he becomes non-resident."

The interest payable would be up to the date of the account closure, it said.

A separate notification on NSCs said in case of a similar change of status of the certificate holder before the maturity period, "the certificate will be encashed, or deemed to be encashed on the day he becomes non-resident" and interest will be paid accordingly.

NRIs are not allowed in instruments like the National Savings Certificates, Public Provident Fund, Monthly Income Schemes and other time deposits offered by the post office.

Asked to comment in this regard, an investment consultant said that it is unclear why NRIs are not allowed to invest in post office schemes.

Last month, the government had retained the interest rate on Public Provident Fund for October-December unchanged at 7.8 per cent, in line with the rates for small savings schemes.

Source :  The Economic Times

RICT CBS TRANSACTIONS : DO WISE STATISTICS ON 28.10.2017

User Management in Finacle

 Office of The Chief Postmaster General, Odisha Circle, Bhubaneswar

Dear Sir/Madam,

                  I am directed to intimate/request the following.

User Management in Finacle

 

No. CBSCPC/1-19/UserID/2016

 

While exercising User Management especially in SOL / Role change, Delete/Undelete in Finacle, problem is being faced at CBS CPC as well as CEPT level due to existence (availability) of Inventory (stock) with user.

 

At present POSB Cheque is the only inventory (as pre-printed KVP & NSC has been discontinued from 01.07.2016).

 

To avoid the above problem, POSB Cheques may be kept in stock (DL i.e. Double Lock) instead of any User and the same may be given to user from DL at the time of need.

 

Therefore, it is requested to kindly instruct all the CBS Offices (SOLs) under your jurisdiction on the following.

1)      If any Finacle user has stock (inventory) of pre-printed KVP & NSC, then the same may kindly be sent to DL-Double Lock or ZZ-Ext location whichever is applicable/returned to CSD Bhubaneswar as intimated earlier.

2)      If any Finacle user has stock (inventory) of POSB Cheques, then the same may kindly be sent to DL-Double Lock and at the time of need the same may be brought from DL-Double Lock to User concerned, splited as per number of cheque leaves in one cheque book and thereafter may be issued to the customer.

Co-operation on the issue is highly solicited for smooth management of Finacle user ID.

Sincerely,

K N Satapathy

​

 i/c-SPoC (CBS & ATM)-Supervisor, CBS CPC, Odisha

for Chief PMG, Odisha

How to trace the customer details in DOP Finacle

• In order to trace the customer details in DOP finacle recently a new menu launched in finacle which is nothing but CICD
• CICD stands for Customer Menu for Inquiring of Customer Details which is nothing it will display the details of the customer.
• We can trace customer PAN number, Adhaar number, mobile number and whether enrolled in PMJJY/PMSBY schemes by using the menu CICD.
• This is menu is very handy and useful menu for all the user working in DOP Finacle.
• The operating procedure and step by step usage of this menu is illustrated below.

Procedure to trace the customer details in DOP Finacle :- 

• Invoke the menu CICD menu then the system will display the below screen shot as shown below

• From the above screen shot it is clear that system is asking only two fields account number and cif id of the customer. Hence enter the customer account number then the cif id field will be auto filled by the system as shown in the below screen shot.

• After entering the above mentioned fields as shown in the screen shot then finally click on Go then the system will display the customer details.

Source: http://dopfinacle.blogspot.in/2017/06/procedure-to-trace-customer-details-in.html

DOP-Finacle Samadhan ver. 3 in Hindi

DOP-Finacle Samadhan ver. 3 in Hindi : Download

Thanks to 

Shri. Devendra Sharma

Supervisor, WTC

Jaipur-302001

How to search CIF ID or A/C ID using mobile number in Finacle:

1—Invoke HFTI menu.


2—Click on Search mirror in the field of A/c. ID


3—Again click on Search mirror in the field of CIF ID


4—Enter mobile number in the field of Phone No.


5—Enter SOL ID in the field of Set ID


6—Click on Submit/F10.


7—CIF will be displayed. Now click on the CIF ID.


8—Submit/F10. A/c ID will be displayed.


9—For any queries/suggestions you may contact me at “ spm.rayakuduru.so@gmail.com “.


Note: You may enter Ledger code if u get more accounts for selected CIF.The procedure said in the above will also work in any menu A/C ID search fields like HACCDET,HACLI,HACLINQ,CXFER,CTM,HTM,CRDP etc…etc… This will only work if the mobile number entered is linked with any CIF ID.

#Breaking RBI raises withdrawal limits at ATMs to Rs 10,000 from Rs 4,500

#Breaking

RBI raises withdrawal limits at ATMs to Rs 10,000 from Rs 4,500

Cash withdrawal week configuration in DOP Finacle Starts from 13.01.2017 to 19.01.2017

New week for Cash withdrawal limit starts from 13.01.2017 to 19.01.2017, is configured in the DOP Finacle application.

• Click Below link to Check the Status in DOP finacle

Finacle Login

• All the users are requested to check and confirm.
• If there is any issue kindly report the error to helpdesk team through the respective CPC team.

Purchase Order placed for supply of 17,000 Passbook Printers to Post Offices by the Directorate

Important : Inter SOL Deposit limit changed from Rs. 25,000/- to 1,50,000/- temporarily

Dear All,

After discussions with L2 and Directorate, as a work around, Inter SOL limit is changed from 25,000 to 1,50,000 temporarily 
It will allow to do inter SOL transactions ( including inter SOL cheque deposits) upto 1,50,000 
Please instruct the users NOT TO DO INTERSOL WITHDRAWAL beyond 25, 000
This relaxation only for Inter SOL deposits

How to change a Customer Name in DOP Finacle ?

Change Customer Name in DOP Finacle

Some times if we modify CIF to correct customer Name , CIF modified but in customer Account modified name will not appear.

Detailed Procedure for change Customer Name:

Command :: HCCA

1. First change the concerned account holder CIF with correct Name and verify

HCCA -> MODIFY -> A/C ID -> GIVE DUMMY CIF ID ( ANY ONE )-->MODIFY NAME ‘ YES ‘->REASON CODE ‘C’ ‘

• Verify them same in Supervisor 

HCCA -- MODIFY -- A/C ID -- GIVE CUSTOMER MODIFIED CIF ID---MODIFY NAME ‘ YES ‘--- REASON CODE ‘C’ ‘

Now the Correct Name will be appeared in the Customer Account.

G VIJAY KUMAR,COUNTER PA,

BANAGANAPALLI SO 

FAQ's - Inward and Outward Clearing in DOP Finacle

1. What is Inward Clearing?

Inward clearing is a cheque drawn by a drawer (DoP customer) from a drawee bank (DoP) in favor of a customer belonging to other bank which is the presenting bank.

2. What is Outward Clearing?

Outward clearing is when cheques drawn by other bank customers are presented for clearing by presenting bank (DoP) in favor of their customer (DoP customer) to drawee bank for clear funds.

3. How do I open a zone in finacle and make entries in the zone?

For Inward Clearing zone can be opened by using menu option HMICZ and respective entries can be made in the zone by using HICTM menu.

For Outward Clearing zone can be opened by using menu option HMCLZOH and respective entries can be made in the zone by using HOCTM menu.

4. What are the steps to be followed in case of Inward Clearing zone?

In Inward Clearing below step by step process can be followed:

a. Open zone in HMICZ using function ‘O’.

b. Make entries manually using menu HICTM or for bulk entries use menu HRMI to upload a file.

c. Authorizer to login and use menu HMICZ menu to suspend the zone. 

d. Then invoke menu HICTM to verify the entries uploaded.

e. Then invoke validation run report in HMICZ.

f. Check HPR validation report for any discrepancies in the accounts under clearing.

g. Then invoke HMICZ revoke the zone so that action can be taken on accounts with discrepancy.

h. User to appropriately take action by rejecting the instruments in HICTM

i. Authorizer to verify the modified instruments in HICTM.

j. Then invoke HMICZ suspend the zone.

k. Invoke HMICZ check for account statistics and check for fields received but not listed and listed but not received and make sure it is zero so that unnecessary credit to short claim and excess claim account can be avoided. Posting can be invoked after checking the account statistics screen.

l. Once posting is complete proceed with closure of zone in HMICZ.

5. What if my zone is not getting posted?

a. Check for error report in HPR.

b. Check HICTM if all instruments are verified

c. Check validation status in HMICZ to be complete

6. How do I check the status of individual instruments lodged in Inward Clearing from front end?

Invoke menu HICI and give account number and click on GO.

7. What if my zone is locked?

Invoke menu HUNLKZ to unlock the locked zone.

8. What if duplicate instrument is added in the zone?

Section A – shows the Information when the issue is faced.

If duplicate instrument is added in the zone and user did not check the validation report and posting has been initiated. In such case system will create a partly posted transaction with un-posted part tran in entered status and consolidated amount in SHORT CLAIM account for all the duplicate cheque entries.

Section B – shows steps to be taken to solve the issue

In such cases user to follow below approach:

Mark the duplicate instrument as rejected with appropriate reject reason code. Also see that if any charges are applied to the customer, the same need to be reversed / amount of the charges to be collected can be made as “zero” in HICTM screen. Please refer the below document for step by step process.

9. What are the steps to be followed in case of Outward Clearing?

a. Open zone in HMCLZOH using function ‘O’.

b. Make entries manually using menu HOCTM or for bulk entries use menu HCLUPLD to upload a file.

c. Authorizer to login and use menu HMCLZOH menu to suspend the zone. 

d. Then invoke menu HOCTM to verify the entries uploaded.

e. In case of any bank not participating in return clearing for Inward invoke menu HMARKPND to markpend all those instruments or bank as a whole to hold these instruments.

f. Then invoke HMCLZOH to release the zone to shadow balance.

g. For rejection of outward instruments user to open inward zone OWRTN-MICR.

h. User to appropriately take action by rejecting the instruments in HICTM

i. Authorizer to verify the modified instruments in HICTM.

j. Then invoke HMICZ suspend the zone.

k. Invoke HMICZ check for account statistics and check for fields received but not listed and listed but not received and make sure it is zero so that unnecessary credit to short claim and excess claim account can be avoided. Posting can be invoked after checking the account statistics screen.

l. Once posting is complete proceed with closure of zone in HMICZ.

m. Similarly in HMCLZOH, initiate regularization of the zone and proceed with closure of the zone in HMCLZOH.

10. What if a customer had deposited a non DoP cheque in outward clearing and funds are not available in the account?

• User to invoke HOIQ menu to check the status of the deposited cheque.
• Check HACLI to check for field “Funds in Clearing”.

11. How do I check the status of inward and outward zone?

• Invoke HMCLZOH for outward clearing and inquire on the zone status.
• Invoke HMICZ for inward clearing and inquire on the zone status.

12. What if I have all part transaction released to shadow balance have not been posted?

• Invoke HMCLZOH to check the status of the zone. If in released status proceed with regularization.
• Invoke HTM and post the transaction.

13. What if regularization of zone is not happening?

Invoke menu HMARKPND and check for any mark pending done for any instrument or bank. If record exists, invoke menu HREVPND for revoking the mark pending done. Post this regularization can be done in menu HMCLZOH.

14. What if a wrong date (stale date or future date which is more than 3 months from existing date) is entered?

• User to check validation run report and modify the record in HICTM and correct the date.

15. What if accounts in outward clearing have received the credit and the zone status shows as released to shadow balance?

This is due to mark pend done on some instruments in menu HMARKPND and regularization done in HMCLZOH where other than mark pend instruments receive the credit and others remain in released to shadow balance along with the outward zone MICROW. Invoke HREVPND to revoke the mark pend and proceed with remaining zone regularization of zone in HMCLZOH.