Retention of excess cash balance in Post offices: Instructions by Department of Posts
Subject: Retention of excess cash balance in Post offices
P&T Audit team during visits to a number of’post offices has found that a large volume of cash have been retained by the post offices in violation of their prescribed limits fixed by the Circle. The weekly statement of cash balance report sent by HPOs/GPOs to Divisional / Circle Officesfor verification / investigation is not complied with by the Post Offices and Circles are not ensuring the submission of report. in case, the excess balancesare retained frequently in any Post Office, SSPO should properly investigate the matter and report the same to Circle Office. Excess retention of cash beyond the prescribed limits is also not desirable on the reasons of security in post offices.
2. The Directorate has viewed excess retention of cash by the Post Offices seriously and thus instructs the Circles to follow the prescribed limits, norms and guidelines issued by the Directorate time to time. Circles are instructed strictly implement the monitoring mechanisms (weekly report) to ensure retention of prescribed cash limit and review the authorized cash balance of the Post Offices, if they require more cash. Circle shall ensure proper implementation of other related instructions which shall ensure-that only. prescribed cash is retained at the post offices such as post offices with large cash transactions having cash turnover more than 40 lac per annum may be allowed to open bank accounts directly and issue cheques instead of making cash payments wherever applicable. The matters relating to excess retention of cash balances are properly investigated by the Divisions / Circles.
3. The receipt of this letter may be acknowledged and instruction shall be complied with immediate effect.
Source: http://www.indiapost.gov.in/DOP/Pdf%5CCirculars%5CRetention_Excess_Cash_1590_181020114_Pub_upload.PDF
#Post office, #Postal Department, #Department of Posts, #India Post, #excess cash balance in Post offices
File No.21-03/2014-PO
Government of India
Ministry. of Communications & IT
Department of Posts
Government of India
Ministry. of Communications & IT
Department of Posts
(PODivision)
October 13, 2014
Subject: Retention of excess cash balance in Post offices
P&T Audit team during visits to a number of’post offices has found that a large volume of cash have been retained by the post offices in violation of their prescribed limits fixed by the Circle. The weekly statement of cash balance report sent by HPOs/GPOs to Divisional / Circle Officesfor verification / investigation is not complied with by the Post Offices and Circles are not ensuring the submission of report. in case, the excess balancesare retained frequently in any Post Office, SSPO should properly investigate the matter and report the same to Circle Office. Excess retention of cash beyond the prescribed limits is also not desirable on the reasons of security in post offices.
2. The Directorate has viewed excess retention of cash by the Post Offices seriously and thus instructs the Circles to follow the prescribed limits, norms and guidelines issued by the Directorate time to time. Circles are instructed strictly implement the monitoring mechanisms (weekly report) to ensure retention of prescribed cash limit and review the authorized cash balance of the Post Offices, if they require more cash. Circle shall ensure proper implementation of other related instructions which shall ensure-that only. prescribed cash is retained at the post offices such as post offices with large cash transactions having cash turnover more than 40 lac per annum may be allowed to open bank accounts directly and issue cheques instead of making cash payments wherever applicable. The matters relating to excess retention of cash balances are properly investigated by the Divisions / Circles.
3. The receipt of this letter may be acknowledged and instruction shall be complied with immediate effect.
(M.S. RANA)
ADG (PO)
ADG (PO)
Source: http://www.indiapost.gov.in/DOP/Pdf%5CCirculars%5CRetention_Excess_Cash_1590_181020114_Pub_upload.PDF
#Post office, #Postal Department, #Department of Posts, #India Post, #excess cash balance in Post offices
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