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Monday, 2 December 2019

SB Order 12/2019 : Change In Limit For Accepting POSB Cheques For Deposit In SB/PPF/SSA/RD Accounts

 
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F.No. 25-11/2016-FS-CBS

Government of India
Ministry of Communication
Department of Posts
(F.S. Division)

Dak Bhawan, New Delhi-110001
Dated 02/12/2019

To,
All Head of Circles.
Addl. Director General. APS, New Delhi

Subject :Change in limit for accepting POSB Cheques for deposit in SB/PPF/SSA/RD accounts.

Sir/Madam,
Various representations were received in Directorate to reconsider the limit Rs. 25000/- prescribed for accepting POSB Cheques at other SOLs in a day in an account. After examining the issue the competent authority has decided to rationalize the process for accepting the POSB cheque in other SOLS.

Presently the SB Order 5/2016 para 271 and POSB (CBS) Manual Appendix I (para 2012) and Appendix III (para 102) prescribe as under

"All POSB Cheques issued by any CBS Post Office if presented at any CBS Post Office should be treated as AT PAR cheques and should not be sent for clearing No POSB Cheque for more than Rs.25000/- should be accepted at other SOLS in a day."

Now, after the rationalization, the text of the SB Order 5/2016 Para 27] and POSB (CBS) Manual Appendix I Para 20(12)] and Appendix III Para 10(2) are substituted as under

"All POSB Cheques issued by any CBS Post Office, if presented at any CBS Post Office should be treated as AT PAR cheques and should not be sent for clearing.

No POSB Cheque for more than Rs.25000/- should be accepted for cash withdrawal at other SOLs in a day. However, POSB cheque can be accepted at other SOLs without restriction of amount for credit in POSB/RD/PPF/SSA accounts, subject to the limits, if any, prescribed in the scheme."

Note: Necessary validations in CXFER,CPDTM, HTM menus stands deployed in Finacle.

This issues with the approval of competent authority.

(Devendra Sharma)
Assistant director (SBPG)


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