KNOW INDIAN POSTAL ORDER [IPO]

KNOW INDIAN POSTAL ORDER [IPO]

Of late RTI applicants are using Indian postal order [IPO] for paying filing fee and other charges. I append below few rules which will be useful to RTI users:

1. IPOs are available in denominations of Re. 0.50, 1, Rs. 2, 5, 7, 10, 20, 50 and 100/-.

2. Commission per IPO is Re1 to Rs.3 depending upon denomination. For Rs.10 IPO commission is Re.1/-.

3. Value of IPO can be increased by maximum Rs.3/- by affixing unused postal stamps not exceeding 4 on its face. Each stamp should not exceed Re1. Hence, say if you want to pay Rs.12 [and post office does not have denominations below Rs.10, you can buy IPO of Rs.10 and affix two postal stamps of Re.1 [ or 4 stamps of 50 paisa] each on its face. This way IPO will be for Rs.12. This facility of value addition is not applicable to IPO of Rs.100/-.

4. IPO is valid for 24 months from the last date of the month in which IPO is purchased from post office.

5. IPO older than 24 months as above can be revalidated for next 12 months by paying prescribed commission for that denomination of IPO in the form of postal stamps to be affixed on the reverse of IPO.

6. IPO older than 36 months from last day of the month of issue will be forfeited if presented for payment.

7. Purchaser can get refund of IPO within 6 months from last day of month of issue by surrendering original IPO and counterfoil. Purchaser can also get refund after expiry of 6 months from last day of month of issue but before 12 months from last day of month of issue of IPO provided he pays commission for renewal at prescribed rate by affixing stamps on the reverse of IPO to be refunded.

8. In case of loss of IPO, refund can be claimed by submitting counterfoil to Superintendent of Post Offices under whose jurisdiction issuing post office operates. However, refund of lost IPO will not be made before expiry of 36 months from last day of the month of issue of IPO. Claim for lost IPO should be made within 24 months from last day of month of issue. If counterfoil is not available, then number, date and post office of issue should be mentioned in the application for refund.

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India Post applies for banking licence

India Post applies for banking licence 

MUMBAI: With the Reserve Bank of India's deadline for applying for a bank licence fast approaching, the number of companies that have joined the list is rising. IndiaInfoline, Bajaj Finserv and the India Post are among the recent entities that have joined the ranks of licence seekers.

"Bajaj Finserv Ltd has submitted its application to Reserve Bank of India on June 26, 2013 for a Licence to commence banking business in terms of section 22 of the Banking Companies Act, 1949. It is proposed to do this by converting its subsidiary Bajaj Finance Ltd into a Bank in terms of RBI Guidelines for Licensing of New Banks in the Private Sector dated February 22, 2013" the company said in a statement.

Although the postal department has been expressing its ambitions to float a bank for long, RBI would have to create a special dispensation for India Post as it does not fit into several of the criteria prescribed by the central bank. Besides the prescribed norms, the postal department would face a huge challenge in putting in place a core banking solution that would facilitate a centralized view of all its accounts. However, there are many who feel that the postal department is ideally suited to spread RBI's objectives of financial inclusion. The department already mobilizes small investments through the postal saving scheme and it has a network that is larger than any bank.

IFCI, Bajaj Finserv, India Infoline would join a host of other entities like Religare Enterprises,Aditya Birla group, JM Financial and Srei, which have lined up plans to foray into the banking sector.

Source : http://timesofindia.indiatimes.com/

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