All You Need To Know About Post Office Savings Account Rules

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Investment

oi-Vipul Das

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The Department of Posts released clarifications on the operation of post office savings accounts in a circular dated November 5, 2021. The clarifications on different POSB Operations concerns such as the issuing of a new passbook, opening of a joint account, issuing a POSB Cheque to a Savings Joint Account, opening of a Basic Savings Account, and more. Below is a list of all the department’s clarifications on how to operate a post office savings account:

All You Need To Know About Post Office Savings Account Rules

1. Issue of Fresh Passbook in lieu of old passbook in any other CBS PO

The procedure for issue of fresh passbook in lieu of old / used up passbook is prescribed in Rule 44 of POSB CBS Manual. But there is no clarity whether the fresh passbook of accounts standing in CBS Post Offices (PO) can be issued by any other CBS PO. It is clarified that any CBS PO can issue a fresh passbook for the account standing in any other CBS PO in lieu of a used up / old spoiled passbook, following the procedure prescribed in Rule 44 of POSB CBS Manual.

2. Opening of Joint Account by two or more illiterate depositors or Jointly by an illiterate depositor and literate depositor

As per Rule 5(5) of GSPR 2018 which was circulated in SB Order No. 13/2019 dated 18.12.2019, A blind or visually challenged or illiterate depositor may open a joint account with a literate depositor. Further, there is no restriction in any scheme rules for opening of a joint account jointly by two or more illiterate depositors. It is clarified that a joint account may be opened jointly by two or three illiterate depositors or jointly by Illiterate Depositor and Literate Depositor.

3. POSB Cheque to a Savings Joint Account opened jointly by a literate depositor and an illiterate depositor

As per the provisions in POSB CBS Manual and POSB Manual Volume I, for availing Cheque facility, the depositor should be literate and should be able to sign in running hand besides maintaining a balance of Rs. 500/- in the account. Cheque facility is not provided to the accounts operated by the minor himself. There is no clarity on the issue of a cheque for a joint savings account opened by a literate and illiterate depositor.
As per the clarification issued by MoF, all types of operations in a Joint B Account can be done by any of the depositors, it is clarified that cheque facility can be extended to the Joint B accounts opened jointly by an illiterate and a literate depositor subject to the conditions that the cheque will be used only by the literate depositor who can sign in running hand and illiterate depositor shall not use cheque facility of the account. Any cheque used by the illiterate depositor of such account shall not be entertained.

4. Opening of a Basic Savings Account by an individual who is already having a Post Office Savings ‘single’ account

Basic Savings Account has been introduced vide GSR No. 257(E) dated 9th April 2021 through amendment in POSA Scheme 2019. As per the notification, this type of account has been inserted below subparagraph (2) of paragraph (3) of POSA Scheme 2019. As per the provisions made below paragraph (3)(e) of POSA Scheme, only one account can be opened by an individual as a single account.

Since Basic Savings Account is a separate type of account and inserted as subparagraph (3) below subparagraph (2) of paragraph (3) of POSA Scheme 2019, it is clarified that an individual may open a PO Savings Single Account in addition to a Basic Savings Account and vice versa.

5. Limit on the amount of deposit in Branch Post Offices when the deposit is made through Withdrawal form (SB-7) or Cheque

Orders for acceptance of cheque and withdrawal form (SB-7) for Account opening and subsequent deposits at Branch Post Office have been issued in SB Order No. 22/2020 dated 18.06.2020 and SB Order No. 32/2020 dated 23.09.2020. The small savings schemes viz. MIS, SCSS, KVP, NSC and PPF were extended to Branch Post Office in SB Order No.27/2020 dated 23.07.2020. Cash acceptance limit at Branch Post Office in an account in a day was raised from Rs. 25,000 to Rs. 50,000/ in SB Order No. 3/2021 dated 05.03.2021.

In this regard, it is clarified that in respect of subsequent deposit/deposit for opening of any type of account, through withdrawal form and Cheque, no such Limit of Rs. 50,000/ in a day in an account is fixed.

6. Change of guardian in any account

As per Rule 10 (4) of GSPR 2018, in the event of death of the guardian, the succeeding guardian shall be eligible to operate the account of the Minor or the person of unsound mind, as the case may be.

In this regard, it is clarified that change of guardian is permissible only on the death of existing guardian and on the orders of any Court. In such cases, the death certificate of the existing guardian or the orders of Hon’ble Court as the case may be should be produced by the new guardian along with a fresh application form (SB-AOF) and KYC documents duly signed by the new guardian.

7. Presence of the depositor at the time of opening of account

As per Rule 4 of GSPR 2018, only Resident citizen of India is eligible to open an account under National (Small) Savings Schemes and as per Rule 5 of GSPR 2018, An Account may be opened by the depositor either by visiting the Accounts Office in person or through permissible electronic modes. including internet or mobile banking application of the respective Government Savings Bank in accordance with the procedure approved by the Reserve Bank of India, from time to time. It is clarified that:

i. In case an account is opened at the post office, presence of the depositor is mandatory at the time of opening of account.

ii. In case an account is opened by a guardian on behalf of a minor or on behalf of a person of unsound mind, the presence of a guardian is mandatory.

iii. Whenever any account under the schemes identified for opening through Authorized Agents (SAS & MPKBY) is opened through Authorized Agents (SAS & MPKBY), presence of the depositor is optional.

iv. Further, if the account opening forms and KYC documents are collected by the Post Office staff and the depositor’s signature is obtained in front of any authorized officials during the POSB account opening drives/melas/doorstep canvassing etc, presence of such depositors is not mandatory.

8. Change of Joint Depositor in a Joint Account

As per the provision in Rule 8 of GSPR 2018, an account opened as a Single Account cannot be subsequently converted into a Joint Account or vice versa. Further, there is no provision in GSPR 2018 for change of any of the depositors in any Joint account.
It is clarified that change of the depositor or inclusion of a new depositor in a Joint Account is not allowed. Further, it is clarified that change of order of the depositor (first / second and third) in an account is also not allowed keeping in view of the fact that various returns / statements are filed with the Income Tax authorities based on the PAN Number of the first depositor in an account.

Story first published: Wednesday, November 10, 2021, 11:14 [IST]



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1 Construction Stock And Auto Sector To Buy With Potential Upside Up To 26%

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Buy NCC with upside potential up to 24%

NCC is one of India’s biggest construction businesses, with a presence in a variety of infrastructure verticals including buildings, roads, water, mining, and electrical. ICICI Direct has recommended a buy call on this stock, with a target price of Rs 100 implying a 24% return over the current market price in a year.

Q2FY22 Results:

  • NCC’s Q2FY22 results were in line with expectations, with good growth on a low base year over year and high order inflows.
  • Standalone revenue increased 42.7 percent year over year to Rs 2,199 crore, owing to a solid order book position and a turnaround in execution following the second round of disruptions.
  • EBITDA margin was 10.8%, down 286 basis points year on year (vs. I-direct estimate of 10.5 percent ).
  • As a result, operational profit increased by 12.8 percent year on year to Rs 236.6 crore.
  • PAT increased by 78.5 percent year on year to Rs 104.3 crore.

Target and Valuation

“NCC’s share price has grown merely 2% over the past five years. We maintain our BUY rating on the company Target Price and Valuation: We value NCC at Rs 100/share,” the brokerage has said.

Key triggers for future price performance

Strong order book ensures growth; 23 percent revenue CAGR projected during FY21-23E with margins consistent at 11-11.5 percent; continuing momentum in awarding operations to translate into substantial order inflows.

Mahindra and Mahindra

Mahindra and Mahindra

ICICI Direct has recommended a buy call on this stock, with a target price of Rs 1125 implying a 26% return over the current market price in a year.

Q2FY22 Results

  • The company’s Q2FY22 results were mixed.
  • Standalone net sales increased 13.1 percent on a quarter-over-quarter basis to Rs 13,305 crore.
  • EBITDA margins of 12.5 percent were down 140 basis points from the previous quarter.
  • The resulting standalone PAT for the quarter was Rs 1,432 crore.

“Stock price has grown at ~8% CAGR from Rs 616 levels in November 2016, outperforming the wider Nifty Auto index. We retain BUY rating on pivot towards capital efficiency, EV proactiveness Target Price and Valuation: We revise SOTP-based Target Price to Rs 1,125; 30% hold co. discount to investment; earlier TP Rs 1,000),” the brokerage has said.

Key triggers for future price performance

  • On the heels of new product releases across automotive divisions, we expect total volume and sales CAGRs of 15.5 percent and 24.2 percent, respectively, in FY21-23E.
  • Despite operating leverage gains, mix normalisation in favour of autos due to high base effect in tractors will weigh on blended margins.
  • By FY23E, we forecast EBITDA margins of 12% and return ratios in the double digits.

Disclaimer

Disclaimer

The above stocks are picked from the brokerage report of ICICI Direct. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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Nykaa IPO Lists At 79% Premium At Rs. 2018/Share

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Planning

oi-Roshni Agarwal

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The profitable beauty segment start up that garnered a huge investor interest is set to list today. Even on mixed global cues, Nykaa stock on the NSE listed at a price of Rs. 2018 per share on the NSE, while on the BSE the stock settled at a price of Rs. 2001 per share.

Nykaa IPO Lists At 79% Premium At Rs. 2018/Share

Nykaa IPO Lists At 79% Premium At Rs. 2018/Share

The start up company with a stock price of Rs. 2001 is now commanding a market capitalisation of Rs. 95,000 crore higher than 9 Nifty stocks. On the tremendous gains, Nykaa has become the 56th largest company in the country.

On the final bidding day, the over Rs. 5000 crore IPO that comprised both fresh issuance and OFS was subscribed 82 times.

In the grey market-the market of unlisted securities, post the allotment of shares, Nykaa was available at a premium price of Rs. 765 as on November 9, 2021. Even on mixed global cues, Nykaa stock on the NSE listed at a price of Rs. 2018 per share on the NSE, while on the BSE the stock settled at a price of Rs. 2001 per share.

The company aims to deploy the funds for expansion, setting new retail stores and warehouses. It also plans to repay its debt, which could bring down interest costs and shore profitability.

As per Elara Securities, the company which has the first mover advantage will help the company grow 25 percent over the next 5 years.

What to do with Nykaa post listing?

Analysts and experts suggests that 1/3 of the alloted stocks can be booked for profit and the rest can be maintained considering the company’s asset light business model as well as other favourables. So, in case you have been allotted 14 shares, it shall be wise to sell 5 shares of the counter.

GoodReturns.in



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Multibagger PSU: 5 Stocks Rose More Than Double In The Last One Year

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SAIL

Steel Authority of India Limited, situated in New Delhi, India, is a government-owned steel producer. With an annual turnover of INR 66,267 crore for fiscal year 2018-19, it is owned by the Ministry of Steel, Government of India. SAIL was founded on January 24, 1973, and currently employs 64,628 people. Only 3.45 percent of trading sessions in the last 16 years had intraday drops of more than 5%. Annual sales growth of 11.83 percent surpassed the company’s three-year CAGR of 6.4 percent. The stock returned 87.18 percent over three years, compared to 69.27 percent for the Nifty 100.

Nalco

Nalco

NALCO stands for National Aluminium Corporation Limited, which is a government-owned company with integrated and diversified operations in mining, metals, and power. It is owned by the Ministry of Mines of India. NALCO is currently 51.5 percent owned by the Indian government.

In the fiscal year ended March 31, 2021, the company generated a return on equity of 12.16 percent, surpassing its five-year average of 9.99 percent. Stock returned 45.09 percent over three years, compared to 80.73 percent for the Nifty Midcap 100. Over a three-year period, the stock returned 45.09 percent, while the Nifty Metal returned 68.43 percent to investors.

BHEL

BHEL

Bharat Heavy Electricals Limited, situated in New Delhi, India, is a government-owned engineering and manufacturing company. It is owned by the Government of India’s Ministry of Heavy Industries and Public Enterprises. For the fourth quarter in a row, the company has lost Rs 45.98 crore. The stock returned 3.0% over the last three years, compared to 80.73 percent for the Nifty Midcap 100.

Oil India Limited

Oil India Limited

Oil India Limited is the government’s second-largest hydrocarbon exploration and production company. It is owned by the Indian government’s Ministry of Petroleum and Natural Gas, with its operational headquarters in Duliajan, Assam.

In the fiscal year ended March 31, 2021, the company generated a ROE of 14.9 percent, surpassing its five-year average of 11.75 percent. Stock returned 11.29 percent over three years, compared to 80.73 percent for the Nifty Midcap 100. Over a three-year period, the stock returned 11.29 percent, whereas Nifty Energy returned 70.09 percent to investors.

BEL

BEL

Bharat Electronics Limited is an aerospace and defence electronics business controlled by the Indian government. It primarily creates complex electronic goods for use on the ground and in space. BEL is one of India’s Ministry of Defence’s nine PSUs. Only 2.26 percent of trading sessions in the last 16 years had intraday gains of more than 5%. The stock returned 123.82 percent over three years, compared to 69.27 percent for the Nifty 100.

Multibagger PSU: 5 Stocks Rose More Than Double In The Last One Year

Multibagger PSU: 5 Stocks Rose More Than Double In The Last One Year

Company Last Price (Rs) One Year Return(%)
SAIL 121 218.84%
Nalco 100.30 196.75%
BHEL 99.90 141.13%
OIL 224 152.39%

BEL

219.90 130.50%

Disclaimer

Disclaimer

Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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2 Stocks To Buy With Good Growth & Returns Potential

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Procter & Gamble Hygiene and Healthcare

Motilal Oswal has set a price target of almost 21% over the current market price for the stock of the company and has placed a buy call.

According to Motilal Oswal, Procter & Gamble Hygiene and Healthcare delivered strong sales growth in the first half of the decade, with a 20.4% CAGR over FY10-15.

“The company saw a lull period over the next three years due to overhauls such as demonetization and the introduction of GST. However, since FY19, growth seems to have returned strongly (barring a temporary blip in FY20 due to COVID-related disruptions). With 19% sales growth delivered in FY21, PGHH appears to have returned to the growth levels seen in the earlier half of the decade,” the brokerage has said.

Procter & Gamble Hygiene and Healthcare: Rapid growth

Procter & Gamble Hygiene and Healthcare: Rapid growth

The company should see rapid growth over the long term on the back of certain encouraging developments: (a) the increasing pace of distribution expansion, (b) the continuingly strong pace of category development efforts in schools to boost awareness and growth, (c) rising ad spends after a lull in preceding years, (d) a healthy pipeline of new products, (e) accelerated consumer entries into the category through launches at low price points, and (f) the willingness to take price cuts, whenever required, to boost growth.

“We maintain a Buy rating, with a target price of Rs 17,450 (50x Dec’23 EPS),” the brokerage has said.

Buy Britannia Industries, says Motilal Oswal

Buy Britannia Industries, says Motilal Oswal

Brokerage firm, Motilal Oswal also has a buy call on the stock of Britannia Industries, though it has not set a target price on the same.

According to a press release issued by Britannia, the company is witnessing unprecedented levels of inflation in the market prices of palm oil (+54%), industrial fuel (+35%), and packaging materials (+30%), leading to an overall inflation of 14% in 2QFY22.

According to Motilal Oswal, the management was able to partially offset this impact through strategic forward covers and accelerated cost efficiency programs. It has also initiated necessary price hikes across the portfolio.

Consolidated sales rose 5.5% YoY to Rs 36.1 billion (est. INR34.9b) in 2QFY22. Consolidated EBITDA/PBT/adjusted PAT declined by 17.3%/22.1%/23% YoY to INR5.6b/INR5.2b/INR3.8b (est. INR5.8b/INR5.7b/INR4.3b).

“Base business volume growth likely to be between 6% and 7% in 2QFY22 (est. 4%),” Motilal Oswal has said in a press release. The stock of Britannia last closed at Rs 3,611 on the National Stock Exchange.

Disclaimer

Disclaimer

The above stocks are picked from the brokerage report of Motilal Oswal. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 5,16,094.57 3.31 0.50-5.20
     I. Call Money 9,024.59 3.24 2.00-3.50
     II. Triparty Repo 3,95,843.20 3.30 3.15-3.40
     III. Market Repo 1,11,176.78 3.31 0.50-3.60
     IV. Repo in Corporate Bond 50.00 5.20 5.20-5.20
B. Term Segment      
     I. Notice Money** 365.55 3.26 2.50-3.40
     II. Term Money@@ 149.00 – 3.20-3.60
     III. Triparty Repo 1,229.00 3.39 3.15-3.40
     IV. Market Repo 56.50 3.15 3.15-3.15
     V. Repo in Corporate Bond 537.00 3.80 3.80-3.80
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Tue, 09/11/2021 1 Wed, 10/11/2021 2,18,794.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 09/11/2021 7 Tue, 16/11/2021 2,00,015.00 3.95
3. MSF Tue, 09/11/2021 1 Wed, 10/11/2021 4,100.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -4,14,709.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Wed, 03/11/2021 15 Thu, 18/11/2021 1,158.00 3.75
    (iv) Special Reverse Repoψ Wed, 03/11/2021 15 Thu, 18/11/2021 291.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Wed, 03/11/2021 15 Thu, 18/11/2021 4,34,492.00 3.99
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 02/11/2021 28 Tue, 30/11/2021 50,007.00 3.97
           
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
  Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00
  Mon, 13/09/2021 1095 Thu, 12/09/2024 200.00 4.00
  Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00
  Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00
Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00
Wed, 15/09/2021 1094 Fri, 13/09/2024 150.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       21,695.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -3,78,610.2  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -7,93,319.2  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 09/11/2021 6,48,567.77  
     (ii) Average daily cash reserve requirement for the fortnight ending 19/11/2021 6,34,320.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 09/11/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 22/10/2021 11,79,109.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£  As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad            
Director (Communications)
Press Release: 2021-2022/1170

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List of Income Tax Savings Documents Required To Submit For The FY 2021-2022

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Taxes

oi-Vipul Das

|

The Ministry of Defence under the Controller of Defence Accounts, Guwahati has released a list of Income Tax Savings Documents that must be submitted for the fiscal year 2021-2022. “For the purpose of assessment and regularization of Income Tax for the Financial Year 2021-22 (Assessment Year 2022-23) all the officers and staff are requested to submit the following documents” the Defence Ministry has said in an Official Memorandum (O.M) on dated 2nd November 2021.

List of Income Tax Savings Documents Required To Submit For The FY 2021-2022

As per Annexure I and IL, proof of savings/documents such as insurance premium receipts, NSC, Infrastructure Bond, PPF Bank Statement, Housing Loan Certificate from bank, rent receipt, copy of House Owner’s Pan Card, etc. should be submitted.

According to the OM, any Officers and Staff claiming exemption of Income Tax under IT Act 1961 under section 197 who have not forwarded the Exemption Certificate for FY 2021-22 from Income Tax Department are advised to do so at the earliest; failing which Total Tax Payable will be deducted at source and tax refund if any should be claimed only from IT Department. The Defence Ministry has also clarified that “In this connection, it is also stated that exemption allowed will be limited to the amount of salary and period of exemption mentioned in the Income Tax Exemption Certificate as received from the Income Tax Department. Any amount exceeding the amount mentioned in the Certificate and any salary drawn prior or after the period mentioned will be liable for a tax deduction.”

The Defence Ministry has said that “Those employees who had produced “Self Declaration” earlier, should also submit Proof of savings/documents along with Annexure I and Annexure-II failing which the “Self Declaration” submitted earlier shall be considered null and void and Tax Deduction at source shall be done accordingly.”

Hence, taxpayers are recommended that the above documents (if relevant) duly completed in all regards should be submitted on or before December 15, 2021, in order for the ODO to authorize the income tax deduction at source for the present fiscal year. The Defence Ministry has further stated in its OM that “In absence of receipt of the aforementioned documents from the official, the Income Tax will be deducted based on the available information at this end and any refund, if admissible, may be claimed only from the Income Tax department.”



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Former SBI chairman Pratip Chadhuri gets bail, Alchemist directors set to move to quash arrest orders, BFSI News, ET BFSI

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The Jodhpur bench of the Rajasthan High Court has granted bail to former SBI chairman Pratip Chaudhuri in the Garh Rajwada case staying the Jaisalmer court’s arrest warrant issued in February 2020. Chaudhuri has been released on Tuesday and will fly to Delhi tommorrow, nine days after he was taken into custody, a person with direct knowledge of the matter said.

Meanwhile employees and other directors of Alchemist ARC including CEO Alok Dhir have got a stay against any action by the Rajasthan police in the case and will move the High Court to quash the order.

The Jodhpur bench on Tuesday granted stay of order dated and all consequential orders passed by the chief judicial magistrate of Jaisalmer in a hearing of the petition and directors. “The court has also observed that the case is of civil nature and that similar FIR has been quashed by the Supreme Court,” the person cited above said.

Chaudhuri will have to move a separate petition to quash any action against him in the case.

The Indian banking industry was shocked on November 1 after police from Jaisalmer arrested Chaudhuri following a complaint from a defaulter who lost his property during a resolution process. Chaudhuri was SBI chairman between April 7 2011 and September 30 2013.

The case refers to the ‘Garh Rajwada’ hotel project in Jaisalmer, financed by SBI in 2007. Since the project was not completed for three years and a key promoter passed away in April 2010, the account slipped into the non-performing asset (NPA) category in June 2010. Subsequently, the Rs. 25 crore loan was sold to Alchemist Asset Reconstruction Co (ARC) in 2014 of which Chaudhuri became a director on superannuation from the bank.

The promoter Harendra Singh Rathore had launched a protest petition in a Jaisalmer court alleging conflict of interest against Chaudhuri after the intital FIR filed in 2015 was closed after the Rajasthan police said it was a civil matter.

Subsequently, a Jaisalmer court had issued an arrest warrant against Alchemist directors including Chaudhuri and CEO Dhir.



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