Discontinuation of Authorized Receipt Book for SAS Agents – Proposal

it is proposed that investment through SAS agents may be restricted through Account Payee Cheque only and Authorized Agent Receipt Book can be discontinued as no cash handling will be involved.

Discontinuation of Authorized Receipt Book for SAS Agents – Proposal

Urgent/Time Bound

e.F.No. 107-01/2020-SB

Government of India

Ministry of Communication

Department of Post

(F.S.Division)

Dak Bhawan New Delhi-110001

Dated: 19.06.2020.

To

All Head of the Circles.

Sub: – Proposal for discontinuation of Authorized Receipt Book for SAS Agents regarding

Sir/Madam,

The provision for use of MR book was made way back when after investment, agent was to raise a monthly bill for claiming commission along with one copy of receipt of AAR Book. Now vide MoF/DEA O.M. No. 2/7/2012-NS-II dated 23.10.2013, agent commission is paid at source and credited in savings account of the agent instantaneously at the time of opening of account. Further, as per , MoF/DEA O.M. No. 2/4/2014-NS-II dated 01.07.2015, SAS agents can accept cash up to Rs. 20,000 only and it is learnt that to breach this limit, agents are opening multiple accounts within Rs. 20,000.

2. By considering above facts and present process, it is proposed that investment through SAS agents may be restricted through Account Payee Cheque only and Authorized Agent Receipt Book can be discontinued as no cash handling will be involved and there will be no risk for depositor as investment will be made through Account Payee Cheque only. However, there will be no restriction for common citizens/investors to invest through Cash directly at Post Offices or through e-banking as being done currently.

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3. By adopting this process the following benefits may be achieved.

  • Cost of printing and paper on AAR Books can be saved.
  • Safety to depositors money (i.e. Depositor will invest only through Account payee cheque)
  • Stop multiple opening of account (i.e. multiplying of Rs. 20000)
  • Ease of operation for supplying and issuance of AAR Books to each agent in PO.
  • Inconvinience of agent for obtaining AAR Book and filling as well as non use of AAR Book may attract recovery of commission.

4. I am directed to request you kindly provide your comments/input on the proposal for further examination and taking up with nodal ministry (MoF/DEA) by 26.06.2020 positively through email at adsb2.dte@indiapost.gov.in. If no comments/input received by 26.06.2020 from your Circle, it would be presumed that the Circle has no comments to offer.

This issues with the approval of the competent authority.

Yours Faithfully

(Devendra Sharma)

Assistant Director(SB)

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