Non-credit of cheque in PPF Account amounting to loss of interest for one month
As per PPF Act, the subscribers of PPF are entitled for interest on the balance amount between 5th and last working day. It implies that any amount deposited by the subscribers on or before 5th of the month would carry a interest for that particular month. Earlier the date of deposit of the cheque in the post office or bank was considered the date of credit to the PPF account. However, Ministry of Finance, Govt. of India last year changed the criteria and the date of actual clearing was made the date of crediting the subscribers account. A customer has PPF account in Post Office at New Delhi and he deposited a cheque in the post office on 2nd April 2011. Due to lethargic attitude of the post office or may be a malafide intention, the cheque was presented late by the post office and the credit to the subscribers account was afforded on 7th April 2011 which means that the subscriber was denied interest for the period of April 2011 and this interest was amounting to Rs. 375/-. As per b