Obtaining solvency certificate of surety for issuance of duplicate certificates (KVP/NSC) – Amendment in rule

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 Obtaining solvency certificate of surety for issuance of duplicate certificates (KVP/NSC) – Amendment in rule

SB Order No. 22/2021

F. No. FS-61/5/2020-FS
Government of India
Ministry of Communications
Department of Posts
(F.S Division)

Dak Bhawan, New Delhi- 110001
Dated:- 22/07/2021

Subject:- Amendment in rule 43(2)(vi) of POSB Manual Volume II – regarding.

Sir/Madam,

This office is receiving various representations from the depositors that they are facing difficulties in obtaining solvency certificate of surety for issuance of duplicate certificates (KVP/NSC) in respect of savings certificate issued before 01.07.2016.

2. Keeping in view of difficulties being faced by the depositors, the competent authority has decided to amend rule 43(2) (vi) of POSB Manual Volume II as detailed below. 

3. Rule 43 (2) (vi) of POSB Manual Volume II: – This sub rule should be replaced with below text:-

a) The surety is adequately solvent or if a bank guarantee is furnished, the guarantee is in order

b) If the indemnity bond accepting authority is not satisfied with the solvency of the surety, solvency may be ascertained through any of the following documents: –

i) if he is an employee of the Central or State Government or of a local body Government aided educational Institution, Reserve Bank of India, a public sector undertaking or any other body controlled by the Government, to the extent of his salary for 12 months excluding allowances, as certified by the employer.

ii ) On the basis of annual income mentioned in Income Tax Return (ITR) of last financial year of the surety.

iii) On the basis on previous year’s Annual Income Ce1tificate, certified by the employer of the surety.

iv) Solvency certificate issued from the revenue authority having jurisdiction over the estate of the surety.

4. It is requested to circulate these amendments to all concerned for information, guidance and necessary action.

5. This issues with the approval of Competent Authority.

Your ‘s Faithfully,

(Devendra Sharma)
Assistant Director (SB-II)

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