SB Order No. 10/2021 : Govt refuses to allow investment through withdrawal form (SB-7) under SAS /MPKBY Agency System

SB Order No. 10/2021 : Govt refuses to allow investment through withdrawal form (SB-7) under SAS /MPKBY Agency System

SB Order No. 10/2021

No. 107-01/2020-SB
Government of India
Ministry of Communications
Department of Posts
(FS Division)

Dak Bhawan, New Delhi-110001
Dated: 15.06.2021.

To,

All Head of Circles/Regions,

Sub: – Regarding request from various agents/agent associations to allow investment through withdrawal form (SB-7) under SAS /MPKBY Agency System.

Sir /Madam,

This office is in receipt of representations from agents/agent associations to allow investment through withdrawal form (SB-7) under SAS / MPKBY Agency System in various National Savings Schemes (i.e. RD/MIS/TD/KVP/NSC).

2. As there is no such provision available in SAS Agency Rules 1959 / MPKBY Agency Rules 1972, the issue was taken up with Ministry of Finance for consideration.

3. After examination, vide O.M. No. 14/1/2021-NS dated 19.02.2021 Ministry of Finance has decided to reject the proposal on the grounds of safeguarding the money of investor and avoiding any irregularities/frauds in the investment.

4. In view of above, any post office shall not allow investment through withdrawal form (SB-7) under SAS / MPKBY Agency System in different National Savings Schemes.

5. It is requested to circulate these guidelines to all post offices for information, guidance and necessary action.

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This is issued with approval of the competent authority.

Yours Sincerely,

(Devendra Sharma)
Assistant Director (SB-IT)

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